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Mumbai, April 1 Reliance Petroleum will raise $500 million (about Rs 2,000 crore) for its new refinery coming up in Jamnagar in Gujarat, the company said in a statement to the stock exchanges.

The company, which is a subsidiary of Reliance Industries, said has executed a facility arrangement to raise the funds; (this would mean that the lenders have been mandated).

It did not elaborate on the details of the facility or the lenders.

It had raised Rs 6,000 crore through its initial public offering in 2006 to part finance the $6-billion project. The 5,80,000 barrels per day refinery that is coming up in the Jamnagar SEZ area, is scheduled to be commissioned0 later in the year.

RPL shares gained more than 6 per cent on the BSE on Tuesday, to close at Rs 167.10

More Stories on : Overseas Borrowings | Petroleum | Reliance Petroleum Ltd

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