RIL raises $800 m via 10-year bonds at lowest rate

Reliance Industries on Tuesday said it has raised $800 million by selling 10-year bonds - the first offering since Moody's raised India's sovereign rating.

The bonds were priced at 3.66%, the lowest coupon ever achieved by an Indian corporate for a 10-year issuance, the company said in a statement.

RIL, which is rated the same as the sovereign, will use the proceeds to refinance existing debt. This was the first dollar note this year.

The note by RIL, India's largest company, was assigned 'BBB+' rating by S&P and 'Baa2' by Moody's Investors Service.