India’s Reliance Industries raises $2.4 billion in mega local bond sale

Reliance Industries raised 200 billion rupees ($2.40 billion) on Thursday, in the largest bond issue by a non-financial Indian firm, by paying 40 basis points more than the government's borrowing cost. The company's 10-year bonds were sold at a coupon rate of 7.79%, according to merchant bankers. "The cutoff is largely in line with company's expectations," Ajay Manglunia, managing director and head of the investment grade group at JM Financial, said.