Reliance, which has diversified its businesses over the years to retail, telecom and, recently, green energy, said it approved raising up to 200 billion rupees via non-convertible debentures.

Indian regulations mandate that companies raising debt appoint a so-called "debenture trustee" to protect the interests of investors.

These were the kind of guys who knew what a debenture was yet had a feel for programming and knew enough to hire good people and leave them alone.

That wave has also dented the market for debentures, payments that parents can make to international schools to gain priority in the cutthroat admissions process.

Up to $35 million in cash, or cash and convertible debentures in Agritrade Resources, would be allocated towards debt repayment, the source said.