Reliance Industries (RIL) is seeking to raise more than $1 billion from the sale of bonds to foreign investors, Economic Times reports. The flagship company of Reliance Group intends to raise the money to finance shale gas ventures in the U.S. and investments at its Jamnagar refinery in Gujarat, India.
Citibank, Bank of America Corp. and UBS have been selected to act as merchant bankers to the proposed 10-year dollar bond offering. RIL, expected to start advertising the issue from mid- December, plans to offer an interest rate between 2.25 percent and 2.50 percent.
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