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Reliance plans to raise upto Rs 10 billion

Reliance Industries Ltd, India's second-largest private sector company by sales, will seek shareholders permission for raising upto Rs 10 billion ($213 million) through issue of redeemable preference shares, the company said in a notice to investors.

"The board of directors consider it would be necessary to raise financial resources at appropriate time by issuing preference shares through domestic or international offerings," the notice released at weekend said.

Shareholders will vote on the proposal at the company's annual general meeting on June 15 in Bombay.

Reliance said it would utilise the funds for general corporate purposes and for any future expansions or acquisitions, but did not specify.

Last week, group-company Reliance Petroleum Ltd also proposed to raise a similar amount through preference share issue.

Reliance is also India's biggest petrochemicals maker with leading global positions in polyester yarn and fibre, polyvinyl chloride and polypropylene.

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