Reliance Industries Share Market News, Mukesh Ambani | Jagran Business Video

Share Market Video | Good news has come before the market opens for the investors of Reliance Industries, the country's most valuable company. RBI has allowed Reliance to keep an additional amount of two billion dollars with itself to expand the business. This amount is different from the three billion dollars raised in the last financial year.

According to sources, the amount raised by Mukesh Ambani's company was more than the mandatory limit of RBI. Therefore, the company had sought permission from the central bank. The company plans to use the proceeds to fund working capital and expand its new energy and telecom business. Also, the company wants to raise another two billion dollars apart from this. It can be used for capital expenditure and to refinance other loans maturing in September.

A source said that in view of Reliance's strong credit rating and cash flow, banks across the world were eager to participate in the company's loan exercise in March. There was strong demand for the loan even after two rounds of syndication. This means that banks still want to lend money to the company. Therefore, the company has decided to retain more money than it needs.

This is not the first time when RBI has given such permission. Reliance has also sought such permission from the central bank earlier. RBI and Reliance spokespersons did not respond to ET's email queries. ET had reported in its March 13 edition that at least 10 banks are likely to participate in the third round of syndication for Reliance to raise $3 billion.