Reliance Industries allots ₹12,000 crore unsecured NCDs at 7.47% coupon
- Reliance Industries allotted ₹12,000 crore in unsecured NCDs (PPD Series Q)
- The five-year debt carries a coupon rate of 7.47% per annum
- Instruments hold AAA/Stable ratings from CRISIL and CARE
- Maturity is set for September 16, 2031, with annual interest payments
*this image is generated using AI for illustrative purposes only.
Reliance Industries allotted ₹12,000 crore worth of unsecured, redeemable, non-convertible debentures (NCDs) on September 16, 2026. The issuance, designated as PPD Series Q, was executed on a private placement basis.
The company issued 12,00,000 debentures, each with a face value of ₹1,00,000. This allotment exceeds the base issue size of ₹10,000 crore, indicating the exercise of the over-subscription option up to the limit of ₹2,500 crore.
Instrument Details
The NCDs carry a tenor of five years, maturing on September 16, 2031. They are rated AAA/Stable by both CRISIL Ratings Limited and CARE Ratings Limited. The instruments are unsecured and will be listed on the BSE Limited and National Stock Exchange of India Limited.
| Particulars | Details |
|---|---|
| Issue Size | ₹12,000 crore |
| Coupon Rate | 7.47% p.a. |
| Tenor | 5 years |
| Maturity Date | September 16, 2031 |
| Credit Rating | CRISIL AAA/Stable, CARE AAA/Stable |
| Security | Unsecured |
Interest Payment Schedule
Interest payments are scheduled annually from September 2027 to September 2031. Each payment amounts to ₹7,470 per NCD.
- September 16, 2027: ₹7,470
- September 18, 2028: ₹7,470
- September 17, 2029: ₹7,470
- September 16, 2030: ₹7,470
- September 16, 2031: ₹7,470
What the Numbers Show
The full utilization of the green shoe option suggests strong investor appetite for the instrument at the offered coupon rate. The consistent AAA ratings from major agencies reflect high credit quality, supporting the unsecured nature of the debt.
Historical Stock Returns for Reliance Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.66% | +1.70% | -7.87% | -9.81% | -10.66% | +2.84% |
How will the ₹12,000 crore debt issuance impact Reliance Industries' net gearing ratio and overall leverage profile over the next five years?
What specific capital expenditure projects or business verticals is Reliance likely to fund with these proceeds given the current market expansion plans?
Could the 7.47% coupon rate set a new benchmark for AAA-rated corporate bonds in India, potentially influencing borrowing costs for other large-cap conglomerates?
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