One of the subscribers to this NCD happens to be a member of the promoter group of RIL.

The proceeds from the debentures are used for the repayment of part of the outstanding Inter Corporate Deposit (ICD) that was borrowed from member of the promoter group of RIL to facilitate settlement of the One Time Settlement obligation to the erstwhile lenders on stipulated due date being 31 January 2024, which was reported earlier.