Reliance Jio's Debentures Receive Bids over Rs. 3,500 Crore

Reliance Jio issued debentures on BSEBOND worth Rs. 2,000 crore which received a positive response from investors. The investment amount will ensure Jio's services are not only high quality but also affordable. Jio's LYF range of smart phones offered four of its FLAME devices at discounted rates, along with three months of free Jio services.

Mumbai, Maharashtra, July 8, 2016 /India PRwire/ -- Mukesh Ambani led Reliance Jio issued non-convertible debentures (NCDs) on the Bombay Stock Exchange's (BSE) new platform. The debentures are worth Rs. 2,000 crore and the funds raised will be used for its digital services venture.

Green shoe option

The debentures were issued with a Rs. 500 crore green shoe option. Green shoe options allow the issuer or underwriter to legally sell investors a higher number of shares than planned initially.

Participants

The investors showed great interest, raising the bids to an amount exceeding Rs. 3,500 crore. Within a few minutes of the release, the debentures went on to become oversubscribed, according to a BSE report. The NCDs are valid for five years at a rate of 8.32 p.a. Leading banks and asset management agencies reportedly participated in the bid.

BSE BOND

The Bombay Stock Exchange invites investors ranging from high net worth arrangers to investing institutes to participate in bids through its new platform BSE BOND, which was launched earlier this month.

Ashishkumar Chauhan, the Managing Director and Chief Executive Officer at BSE, stated that Reliance Jio's bids exceeded all expectations. He stated that the total book size of the investment is worth more than Rs. 3,700 crore.

Jio's Strategy

Mukesh Ambani led Reliance Jio, the world's biggest start-up, plans to use this investment to roll out its digital services later this year. Soumyo Dutta, Treasurer at Reliance Industries Limited (RIL), stated that the positive response the company received from investors has proved to be a boost to the team, and encourages them to provide quality digital services in India.

LYF smart phones at a discount

In order to increase its customer base, Reliance Jio's smart phone brand, LYF offered high discounts on most of its smart phones, including four FLAME models. Available at a starting price of Rs. 2,999, these phones are equipped with free Jio services for three months. Sold through Reliance Retail outlets across the country, FLAME 3, FLAME 4, FLAME 5, and FLAME 6 are the devices offered at a discounted price which also allow buyers to enjoy the benefits of Jio services for free.

LYF phone features

All smart phones offered by LYF, are equipped with Long Term Evolution (LTE) technology which allows users to enjoy seamless data and voice calls over Jio's 4G network.

FLAME 3, 4, 5, and 6 operate on a 1.5 GHz quad-core processor and are fitted with an Asahi Dragontrail Glass as a defense against scratches and dust.

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