RIL to raise promoters' stake by 5 per cent, raise $2 billion in overseas debt

24 February 2007

Mumbai: Reliance Industries Ltd (RIL) will raise promoters' stake in the country's largest private firm through a preferential offer. The board of directors of RIL has approved a proposal to issue 12 crore warrants of Rs10 each to the promoters, including Mukesh Ambani.

Post preferential issue, the promoters' share in Reliance Industries is expected to go up by five per cent from the current 50.62 per cent.

RIL would also raise $2 billion in debt through external commercial borrowings for funding its oil and gas business, the company said in a press release.