Reliance Industries Limited (NSEI:RELIANCE) is planning to raise $2.25 billion (around INR 153 billion) to replace its high-cost borrowings and also create a war chest to fund its aggressive expansion strategy in telecom sector. The funds from the biggest offshore debt issues by an Indian corporate will be raised in the form external commercial borrowings (ECBs), thorough a syndicated loan, sources close to the development said. Roadshows for the issue are expected to begin soon and, according to reports, at least 10 to 12 investment banks are involved in the marketing of the issue across North America, Europe, the Middle and Asia. The securities are expected to be priced at 90-100 basis points over the London Interbank Offered Rate (Libor) - at about 2.6%-2.7% (The US 12-months Libor is now at 1.7%).