Reliance Raises Rs 210 Billion via Asset-Backed Securities

18 Sep 2025 CW Team

Billionaire Mukesh Ambani’s Reliance Group companies raised approximately Rs 210 billion ($2.4 billion) on Monday through asset-backed securities (ABS), sources familiar with the matter said, making it among the largest such deals in India this year.

Around three-quarters of the issuance was purchased by leading domestic asset managers, including Aditya Birla Sun Life AMC, HDFC AMC, ICICI Prudential AMC, Nippon Life India AMC, and SBI Funds Management, according to the sources.

The securities, issued as pass-through certificates, came via three trusts — Radhakrishna, Shivshakti, and Siddhivinayak Securitisation Trusts — with maturities of three, four, and five years, carrying an average coupon of 7.75 per cent. The strong response reflected investor interest in top-rated ABS in a market still dominated by non-bank financial companies.

The robust demand allowed Reliance, with Barclays Plc arranging the transaction, to upsize the deal from the initially planned Rs 180 billion to Rs 210 billion. The ABS are backed by loan receivables from the Digital Fibre Infrastructure Trust, established by Reliance Industrial Investments and Holdings Ltd., and supported by an options agreement with Reliance Industries’ promoter entities.

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