New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd said on Saturday it would raise up to $ 5 billion in foreign currency-denominated bonds and use the proceeds to repay existing loans.

In a publicly filed document, the company said the finance committee of the company’s board of directors, at its meeting on Saturday, approved a “proposal to issue senior unsecured fixed-rate notes. denominated in US dollars from time to time, for an aggregate amount of up to USD 5 billion, in one or more installments “.

“The proceeds from the issuance of the notes will mainly be used for the refinancing of existing borrowings, in accordance with applicable law,” he added.

The bond sale is about to become the biggest loan of this type by any Indian company.

Although the company has not disclosed details on either the timing or pricing of the bonds, it is expected that the 10-year debt could be offered at around 110 to 130 basis points against the benchmark of the US Treasury, and 30-year debt could be 130 to 140 basis points compared to Treasury bills of similar maturity.

Ambani’s company unveiled ambitious plans for a foray into the new energy sector while rapidly expanding its digital and retail businesses.

It announced on Friday that its subsidiary Reliance New Energy Solar Ltd (RNESL) had signed definitive agreements to acquire UK sodium-ion battery technology company Faradion for an enterprise value of £ 100million.