Reliance Industries Ltd has, on May 19, 2020, allotted 36,000 Unsecured Redeemable Non-Convertible Debentures ("NCDs") of the face value of Rs.10,00,000 each, aggregating Rs. 3,600 Crore ("PPD Series N Debentures"), issued on private placement basis.
The instrument will be listed in BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
The instrument has credit rating of "CRISIL AAA/ Stable" ("CRISIL TRIPLE A rating with stable outlook") by CRISIL Limited and "CARE AAA/Stable" ("CARE TRIPLE A rating with stable outlook") by CARE Ratings Limited.
The tenor of the instrument is 3 Years 4 Months 2 days (Three Years Four Months Two Days) from the Date of Allotment (May 19, 2020).
The coupon rate is the sum of the Overnight MIBOR (Daily Compounding) and spread of 2.90% ("Spread"), payable on Coupon Payment Dates for PPD Series N Debentures.
Benchmark to be used: FBIL Overnight MIBOR published on the FBIL website.
The Coupon Rate of the Debenture resets everyday. The setting for May 14, 2020 as on date of the Disclosure Document is 7.20% (seven point twenty percent) p.a. (current Overnight MIBOR of 4.30% p.a. and Spread of 2.90% p.a.)
The Overnight MIBOR, would be compounded every such day which is a Business Day in Mumbai. This implies that the floating rate interest would be compounded on a daily basis except when there is a holiday / Saturday / Sunday. In case of a holiday / Saturday / Sunday, the interest would be computed on simple interest basis for the intervening period from the preceding Business Day in Mumbai to the succeeding Business Day in Mumbai.
On days on which the (Benchmark) Overnight MIBOR is to be published, but is not published, the Overnight MIBOR published by FBIL on the previous working day on which it was published, shall be used for the calculations of the Coupon Rate.
Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1408.15 as compared to the previous close of Rs. 1440.65. The total number of shares traded during the day was 714335 in over 29316 trades.
The stock hit an intraday high of Rs. 1461.9 and intraday low of 1404. The net turnover during the day was Rs. 1026191510.