Reliance Industries Ltd has listed its existing foreign currency bonds aggregating over $7 billion on India INX, making it the largest such listing by a private entity in India INX.
India INX — India International Exchange — is a subsidiary of BSE and is located at the International Financial Services Centre, GIFT City in Gujarat.
The securities include the $4 billion jumbo bonds raised in January, the largest foreign currency bond issue by an Indian entity.
“We are delighted to list our existing foreign currency bonds, including the recent landmark $4 billion Jumbo bond issuance, at the India INX. The listing framework and the seamless process is comparable with what is offered at any global financial centre,’’ Srikanth Venkatachari, joint chief financial officer of RIL, said.
V. Balasubramaniam, MD and CEO, India INX, said the latest listing will give confidence to various other corporates to follow suit.
India INX allows trading for 22 hours a day across financial market products such as index and single stock derivatives, commodity derivatives, currency derivatives and debt securities for international investors. The average daily turnover at the exchange stood at $10.94 billion for the year ended December 2021.
Shares of RIL on Thursday ended with gains of 1.35 per cent, or Rs 32.55, at Rs 2,444.90 on the BSE.
Shutdown deferred
RIL has reportedly deferred a maintenance shutdown at its export-oriented refinery in Jamnagar to September from March. A Reuters report said this has been done to take advantage of strong cracks for the refined fuel. Cracks are the difference between petroleum product prices and crude prices and are used to estimate refining margins.
This comes at a time crude oil prices continue to remain firm because of the tensions between Russia and Ukraine. RIL had earlier planned to shut down a unit at its 704,000-barrels-per-day refinery for three weeks in March.
RIL’s O2C (oil to chemical) business was the star performer in the October-December 2021 quarter with a 57 per cent growth in revenues at Rs 131,427 crore against Rs 83,838 crore. The rise came on account of an increase in crude oil prices and higher volumes.
