An Indian two thousand rupee banknote is arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Foreigners Boost India Company Bond Holdings to New High

(Bloomberg) -- Foreign investors increased holdings of rupee corporate notes to the most in 10 months on Friday, after billionaire Mukesh Ambani’s top-rated Reliance Industries Ltd. sold the market’s biggest single-tranche note of the year.

The company, which is higher rated than the Indian sovereign by S&P Global Ratings, sold a 70 billion rupee ($1 billion) note. A decision by Reserve Bank of India in February to remove a cap on how much foreign buyers can hold of any single issuer’s bonds is proving to have the intended effect of attracting more overseas investment into local notes.

Foreigners Boost India Company Bond Holdings to New High

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