Reliance Industries is preparing to raise about ₹10,000 crore, or around $1.04 billion, through a new sale of rupee-denominated bonds. The proposed bonds will have a 10-year maturity and may carry an annual coupon rate of 7.90%, according to four merchant bankers who spoke to Reuters on Thursday, September 24, 2026.
The proposed deal comes only about two weeks after Reliance raised ₹12,000 crore through five-year bonds. That earlier issue had a coupon rate of 7.47%. The latest plan shows that the company is once again using India’s debt market to raise a large amount of money in rupees.
Reliance is one of India’s biggest companies, with businesses across oil, petrochemicals, telecom, digital services and retail. A large bond issue from the company is therefore closely watched by banks, investors and the wider debt market.
The new issue is expected to be launched next week or the week after, based on information from the bankers. The exact date and final terms can still change before the sale takes place. Reliance Industries had not immediately replied to a Reuters request for comment at the time of the report.
What Reliance plans to raise
The proposed fundraise is worth around ₹10,000 crore. The bonds will have a 10-year maturity, which means investors who buy them will hold debt that runs for a decade unless they sell it earlier in the market.
The proposed annual coupon is 7.90%. A coupon is the interest that a bond issuer pays to investors. In simple terms, a 7.90% coupon on ₹100 of face value means the investor would receive ₹7.90 in annual interest, subject to the final terms of the issue.
The proposed transaction is larger in time period than the five-year debt sale that Reliance completed earlier this month. That earlier deal raised ₹12,000 crore at a 7.47% annual coupon.
The difference in coupon rates also reflects the longer maturity of the proposed debt. Investors usually seek compensation for holding bonds for a longer period because interest rates and market conditions can change over time.
A second bond issue in the same month
The latest plan comes soon after Reliance completed another large domestic debt transaction.
On September 16, Reliance allotted 12 lakh non-convertible debentures for a total value of ₹12,000 crore through private placement. The securities carry a fixed coupon of 7.47% per year and have a five-year tenor. They are due for maturity on September 16, 2031.
The earlier issue had a base size of ₹10,000 crore and a greenshoe option of up to ₹2,500 crore. A portion of the issue went to anchor investors, while the remaining amount also received full subscription, according to reports at the time.
This makes the proposed ₹10,000 crore issue the second major rupee bond transaction from Reliance in a short period.
If the latest deal goes ahead at the planned size, the company’s outstanding bonds would rise to about ₹54,000 crore, according to Reuters.
Why Reliance is using the bond market
One key reason is the current cost of borrowing.
According to bankers cited by Reuters, local bond yields have remained relatively favourable compared with the cost of raising funds through US dollar debt. US Treasury yields have seen a sharp rise, which can make dollar-based borrowing less attractive for some companies.
Reliance can raise money in rupees and avoid direct exposure to the currency risk that can come with dollar debt. For a company with large operations in India, rupee funding can also match some of its domestic financial needs.
The debt market gives large companies another way to raise money without relying only on bank loans. A company can use bonds to obtain funds from institutional investors and other market participants under agreed terms.
For Reliance, the size of the proposed transaction also shows the depth of India’s corporate bond market. A ₹10,000 crore issue is a substantial transaction and can attract attention from banks, insurance companies, mutual funds and other large investors.
The timing before the RBI meeting
The timing of the proposed issue is another important part of the story.
The Reserve Bank of India is due to hold its next monetary policy meeting on October 7. One banker told Reuters that Reliance would ideally complete the borrowing before that meeting.
Interest rates have a direct effect on the bond market. If investors expect rates to rise, borrowing costs can increase. Companies may therefore prefer to complete a debt sale before a possible change in the interest-rate environment.
This does not mean that the RBI will make any particular decision at its October meeting. The final policy decision will depend on economic data and the central bank’s assessment of inflation, growth, liquidity and other factors.
Still, the upcoming meeting gives the proposed bond sale a clear deadline from the company’s point of view.
Bond yields have moved higher
The current bond market has also seen a rise in yields.
Moneycontrol reported that the average yield on top-rated 10-year corporate bonds had risen by 37 basis points during September and was on course for its largest monthly increase in at least three years.
A basis point equals one-hundredth of a percentage point. So, a rise of 37 basis points means a rise of 0.37 percentage point.
This matters because higher bond yields generally mean higher borrowing costs for companies that issue fresh debt.
Moneycontrol also reported that the average yield on top-rated 10-year corporate bonds stood at about 7.97% on Wednesday, based on Bloomberg data. The proposed Reliance coupon of 7.90% would therefore sit slightly below that level.
The final pricing can still change when Reliance invites bids from investors.
What happened with the earlier ₹12,000 crore issue
Reliance’s earlier bond sale provides useful context for the new plan.
The company raised ₹12,000 crore through five-year papers at a 7.47% coupon. This was Reliance’s first rupee bond offering since November 2023, according to Reuters.
In November 2023, Reliance had raised ₹20,000 crore through local-currency debt. At that time, the transaction was described as the largest local-currency debt sale by an Indian non-financial company.
The recent five-year issue also received support from large private-sector banks. For the proposed 10-year transaction, large private-sector banks are again expected to act as arrangers and may subscribe to part of the bonds, according to the bankers cited by Reuters.
This bank participation can help a large corporate debt deal reach investors and complete smoothly.
What the ₹10,000 crore could mean for Reliance
The proposed borrowing will add to Reliance’s debt, but the bond issue itself does not tell us exactly how the company plans to use every rupee.
The company has not publicly confirmed the final terms of the proposed transaction at the time of the Reuters report. The information comes from four merchant bankers who were not authorised to speak publicly about the deal.
It is therefore important to separate the confirmed details from the reported plan. The ₹10,000 crore size, 10-year maturity and 7.90% coupon are proposed terms reported by the bankers. The final transaction could have different terms after investor bids.
For a company of Reliance’s scale, debt can support capital needs across its large business operations. Reliance has major businesses in energy, telecommunications, digital services and retail, each of which can require substantial capital over time.
Why investors will watch the deal
Investors will pay attention to the demand for the new bonds and the final interest rate.
Strong demand can give the company confidence that investors are comfortable with the proposed terms. It can also provide information about how large institutional investors view corporate credit conditions at the time of the issue.
The final yield will also offer a useful signal about the cost at which one of India’s largest corporate borrowers can access long-term rupee funding.
The proposed 7.90% coupon is particularly relevant because the bond has a 10-year maturity. Investors will compare that return with government bond yields, other highly rated corporate bonds and the broader interest-rate environment.
The issue may therefore matter beyond Reliance itself.
A larger picture for India’s debt market
The Reliance transaction comes at a time when Indian banks have had access to more liquidity.
The Economic Times reported earlier this month that Indian banks had raised substantial foreign-currency deposits through the Reserve Bank of India’s special FCNR(B) swap facility. Banks then faced the task of finding suitable places to deploy those funds.
Corporate bonds are one possible route for such funds.
Banks can provide corporate loans, buy corporate bonds or finance projects. When banks have more funds available, large companies can have more choices when they seek capital.
At the same time, global market conditions remain important. Higher US Treasury yields can affect borrowing costs around the world. Oil prices, inflation and expectations about central bank policy can also change investor demand for bonds.
That is why the final pricing of the Reliance issue will be closely watched.
What comes next
Reliance is expected to invite bids for the proposed bonds next week or the week after, according to the bankers cited by Reuters. The company would ideally complete the borrowing before the RBI’s October 7 monetary policy decision.
The proposed issue is worth about ₹10,000 crore ($1.04 billion) and has a planned maturity of 10 years. The proposed annual coupon is 7.90%.
This follows the company’s recent ₹12,000 crore five-year bond issue at 7.47%. If the new transaction takes place at the reported size, Reliance’s outstanding bonds would reach about ₹54,000 crore.
For now, the transaction remains a planned fundraise rather than a completed issue. The final amount, coupon and other terms will depend on the formal bond sale and investor bids.
The key point is clear: Reliance is seeking another large amount from India’s rupee bond market within weeks of its previous debt raise. The move comes before an important RBI policy meeting and at a time when corporate bond yields have risen. That combination makes the proposed issue an important development for both Reliance and India’s wider debt market.
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