Khaitan & Co has advised Reliance Industries on a ₹12,000 crore private placement of non-convertible debentures, listed on BSE and NSE, carrying a 7.47% coupon rate.
Khaitan & Co Advises Reliance on ₹12,000 Crore NCD Issuance
Khaitan & Co has advised Reliance Industries Limited (RIL) on its unsecured, non-convertible debenture (NCD) issuance aggregating ₹12,000 crore through private placement. The debentures, carrying a coupon rate of 7.47% per annum, have been listed on both the BSE Limited and the National Stock Exchange of India (NSE).
The transaction required compliance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, and the Companies Act, 2013, particularly Sections 42 (private placement), 55 (issuance of debentures), and 71 (terms and conditions). The legal advisory covered structuring, due diligence, drafting of offer documents, and liaison with stock exchanges and regulatory authorities.
The deal team at Khaitan & Co was led by Manisha Shroff, Partner, and included Gyana Pathak (Senior Associate), Akshansh Sharma (Senior Associate), and Nandini Arya (Associate). The successful issuance underscores the continued reliance of large corporates on private placement mechanisms for long-term capital raising under stable interest rate regimes.
For practitioners, this transaction highlights the efficiency of private placement for large borrowers and the role of dual listing in enhancing investor access under SEBI’s harmonised listing framework.
