State Bank of India (NSE:SBIN, BOM:500112) emerged as the top buyer in a 130 billion Indian rupee bond offering recently completed by Reliance Industries (NSE:RELIANCE, BOM:500325), Reuters reported Wednesday, citing people familiar with the matter.

The state-run lender purchased about 40% of the bonds offered, worth roughly 50 billion rupees. The 10-year debt carries an annual coupon rate of 7.9% and holds an "AAA" rating from firms Crisil and CareEdge, the report said.

ICICI Prudential Mutual Fund, SBI Pension Fund, and ICICI Prudential Life Insurance were also among the large investors participating in the offering. The report said the buyers absorbed the issue almost immediately due to strong market demand for scarce, high-quality corporate debt.

SBI and Reliance were not immediately available to MT Newswires for comment.

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