State Bank of India Buys Reliance Debt
State Bank of India acquired nearly forty percent of Reliance Industries massive ten-year debt sale. The state-run lender purchased fifty billion rupees of the offering. Other major investors included ICICI Prudential and SBI Pension Fund.
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State Bank of India bought nearly 50 billion rupees ($597M) of Reliance Industries's 130-billion-rupee ($1.35B) debt sale completed on Wednesday. The offering represents the country's largest corporate debt placement of the quarter. Strong demand from institutional buyers underscored robust liquidity in local credit markets across India.
