RIL dips 3 pc on loan reports | business | Hindustan Times
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RIL dips 3 pc on loan reports

Shares of Mukesh Ambani-led Reliance Industries dipped nearly 3 per cent in early trade on reports that the corporate behemoth is planning to raise Rs 5,000 crore syndicated loan from the market.

business Updated: Nov 24, 2008 11:29 IST

Shares of Mukesh Ambani-led Reliance Industries on Monday dipped nearly three per cent in early trade on reports that the corporate behemoth is planning to raise Rs 5,000 crore syndicated loan from the market.

RIL, which opened higher by over one per cent, declined by 2.87 per cent in the first few minutes of trade to touch a low of Rs 1,095 on the Bombay Stock Exchange.

However, in late morning trade RIL shares recovered by 1.11 per cent at Rs 1,139.90

According to media reports, the corporate behemoth is planning to raise around Rs 5,000 crore in debt from commercial lenders as well as a set of institutional investors, including the Life Insurance Corporation of India (LIC), mutual funds and pension funds.