Reliance Industries Ltd on Saturday said its board had approved raising up to $5 billion in one or more tranches through issuance of senior unsecured US dollar denominated fixed rate notes.
In an exchange filing, the company said, "...the meeting of the Finance Committee of the Board of Directors of Reliance Industries Limited was held on January 1, 2022, and proposal for issuance of senior unsecured US$ denominated fixed rate notes from time to time, for an aggregate amount up to US$ 5 billion ("Notes"), in one or more tranches, was approved."
The proceeds from the issuance of the notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law, the company added.
On Friday, the company had announced that its wholly-owned subsidiary Reliance New Energy Solar Ltd (RNESL) has signed definitive agreements to acquire 100 per cent shareholding in UK-based global battery technology company Faradion.
The acquisition will be done at an enterprise value of 100 million pounds. RNESL, will in addition, invest 25 million pounds as growth capital to accelerate commercial roll out.
In a statement, Reliance said that it will use Faradion's state-of-the-art technology at its proposed fully integrated energy storage giga-factory as part of the Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar.
Also Read: Reliance New Energy Solar acquires UK's battery tech firm, Faradion
Also Read: Mukesh Ambani, Gautam Adani bet big on renewable energy