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Reliance raises $250 m

MUMBAI, FEB. 4. Reliance Industries today concluded a $250 million international syndicated loan at 90 basis points over London Inter-Bank Offered Rate (LIBOR). The proceeds of the loan, the first such transaction concluded after the recent liberalisation of ECB guidelines by the Union Finance Minister, and upgrade of India's sovereign rating to investment grade by Moody's, will be used to refinance its existing higher cost debt, banking sources said here. — PTI

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