Reliance Industries Ltd (RIL) has secured an additional credit line of $2 billion from 18 banks after obtaining a $3 billion from 55 banks last week, three people directly aware of the development said.
The conglomerate has thus got a total loan of $5 billion, making it the largest fundraising through the syndicated loan route in India's corporate history.
Reliance Jio Infocomm Ltd, a unit of RIL, secured the $2 billion add-on facility on Tuesday with the same terms as its recent $3 billion syndicated loan.
The funds will mainly be allocated towards RIL's capital expenditures and Jio's nationwide 5G expansion.
"The $2 billion add-on will be split equally between RIL and Jio and is likely to be wrapped up by the end of April," said one of the three people, requesting anonymity.
The conglomerate has emerged as one of the most sought-after groups by banks for syndicated credits.
"The funding offer for Jio's expansion plan is phenomenal," said a veteran investment banker aware of the RIL deal.
DBS is the lead arranger for Reliance Industries Ltd's $2 billion add-on credit line, having also played the same role for the $3 billion syndicated credit.
The borrowing was priced at 146 bps and 156 bps for RIL and its telecom arm Reliance Jio Infocomm, respectively, over the benchmark secure overnight financing rate.
The $3 billion fundraising plan was launched in mid-January through general syndication and was closed after months of negotiations.
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