Top-rated Reliance IndustriesNSE 1.80 % added some much-needed sparkle to an otherwise sluggish debt market on Diwali, raising about Rs 3,000 crore in bond sales Tuesday.
Those papers offered 8.95% with 10-year maturity at a time when investors are mostly seen shying away from making new investments due to liquidity concerns.
ICICI BankNSE 2.43 % has helped arrange the issue as it initially subscribed to papers on the electronic bidding platform. Later, top mutual funds and insurers were seen buying the long-dated Reliance papers from the bank.
Capacity additions and higher utilization could see Reliance’s consolidated operating profit rise 18% in FY19, the management hinted earlier in October.