08 April 1997 00:00 [Source: ACN]
RELIANCE Industries has become the first manufacturing company in Asia to take advantage of the sterling market when it raised £152.2m (US$254.9m) through a ten-year bond.
The issue, carrying a coupon rate of 8.75%/year, was oversubscribed, with 25 foreign institutional investors buying into the offer.
'This bond issue, along with other international offerings, is designed to make us more competitive by bringing our cost of capital in line with global benchmarks,' said a Reliance spokesman.
Another recent bond issue - USS 150m at a coupon rate of 7.62%/year - attracted Europe-wide investors who were new to Reliance.
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