New Delhi: In a major development Mukesh Ambani-led Reliance Group companies raised about 210 billion rupees ($2.4 billion) through asset-backed securities according to a Bloomberg report quoting people familiar with the matter. It is important to note that this is one of the largest such deals in India this year. The report further adds that about three-fourths of the issuance was bought by the country’s leading asset managers including Aditya Birla Sun Life Asset Management Co. HDFC Asset Management Co. ICICI Prudential Asset Management Co. Nippon Life India Asset Management Ltd. and SBI Funds Management Limited. The securities known locally as pass-through certificates were issued by three trusts — Radhakrishna Securitisation Trust Shivshakti Securitisation Trust and Siddhivinayak Securitisation Trust — with maturities of about three four and five years respectively and carried an average coupon of 7.75 percent. Here are some of the key details: Reliance Group companies raised about 210 billion rupees ($2.4 billion) through asset-backed securities About three-fourths of the issuance was bought by the country’s leading asset managers including Aditya Birla Sun Life Asset Management Co. HDFC Asset Management Co. The securities known locally as pass-through certificates were issued by three trusts — Radhakrishna Securitisation Trust Shivshakti Securitisation Trust and Siddhivinayak Securitisation Trust The Reliance has given a chance to the investors to own top-rated asset-backed securities in a market still dominated by non-bank financial firms. According to the ICRA the deal also adds heft to India’s securitization market It remained relatively small but is on track to reach a record high of more than 2.5 trillion rupees in issuance this fiscal year ending March We are one of the top investors as we found the instrument and the structure fitting into our investment requirements said A Balasubramanian chief executive officer of Aditya Birla Sun Life AMC to Bloomberg