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July 2, 2001 		Feedback  
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Reliance Industries opens Rs 500-million bonds

Indian petrochemicals giant Reliance Industries Ltd launched a domestic private placement of secured non-convertible debentures on Monday to raise at least Rs 500 million, debt dealers said.

The company has the option to retain oversubscription, but there were no details on how much could be held back.

The coupon on the five-year bonds, which will be payable annually, will be fixed through book-building, dealers said.

The book-building yield band is 9.50-9.65 percent, they said.

The bonds are rated AAA by Credit Rating Information Services of India Ltd, indicating highest safety for timely payment of principal and interest.

ABN AMRO Securities (India) Pvt Ltd is the sole arranger to the issue.

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