Reliance embarks on buyback of global bonds

Indian petrochemicals giant, Reliance Industries Ltd, launched a cash tender offer yesterday (Wednesday) to buy back all of its outstanding bonds maturing in 2005, 2027 and 2026. UBS Warburg is the dealer manager for the tender offer, which seeks to retire $341 million principal of outstanding bonds and will make Reliance the first Indian issuer to complete a public buy-back.