RIL bought $253 mn of forex bonds in 2001-02

Reliance Industries Ltd (RIL) has bought back a total of $253 million (Rs 1,225 crore) of its offshore bonds during the year.

Stating this in its 28th annual report (for 2001-02), the company said that these offshore bonds were refinanced partly through export proceeds and partly through a syndicated term loan facility of $105 million raised in Japanese Yen. The company states that it has achieved substantial cost savings as a result of these buybacks. Reliance has issued over $1.3 billion of Rs 6,000 crore of debt securities in the international capital market since 1995, with maturities ranging from seven years to 100 years.

RIL has in aggregate bought back and cancelled $450 million (Rs 2,182 crore) of its bonds to date, which is about 39 per cent of the total issued amount.

The company’s long term debt as on March 31, 2002 stood at Rs 18,210 crore ($3723 million). Of this debt, 50 per cent represented foreign currency denominated debt.