RIL starts buying local currency bonds as net debt reduces to zero

MUMBAI: Reliance Industries, India’s biggest company by multiple financial parameters, has begun to buy back local-currency bonds after its net debt reduced to zero. The conglomerate, which further cemented its leadership credentials in organized retailing through a weekend M&A, bought at least Rs 250 crore worth of bonds in the past couple of weeks.

It bought papers back with eight-year residual maturities. There were two sets of 10-year bonds sold in 2018 carrying coupons of 8.65% and 9.05%, three market sources with direct knowledge of the matter told ET.