Reliance Industries to seek shareholder approval to raise $3.9 bln

Reliance Industries will seek shareholder approval to raise 250 billion rupees ($3.88 billion) via sale of secured or unsecured redeemable non-convertible debentures in a private placement, it said in a release.

The company will conduct its annual general meeting with shareholders on July 21, and will also seek an approval on the same day.

The company will look to raise the money in one or more tranches as it may deem fit, without any limitations on when the debentures are to be issued, it stated.

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