According to a report, Reliance Industries might be planning to raise than $1 billion in foreign currency convertible bonds in the coming month.

The company has already appointed Citibank, Bank of America Corp and UBS AG as the merchant bankers for the proposed 10-year bond issue, according to the report that quoted sources in the banking sector. The banking officials have spoken on the condition of anonymity because the band issue has not been officially announced yet.

India’s largest company by market capitalization completed a $1.091 billion, five-year term loan from foreign investors in August this year. The repot said that the funds raised through the issue of bonds will be used to fund its shale gas ventures in the United States and also invest in the company’s refinery in Jamnagar in India.

The company had planned to issue bands earlier but had to delay it as some US companies said they would not participate. Now, Reliance is planning to start marketing the issue to investors from mid-December. Reliance is planning to raise the funds in the 2.25-2.50% range, which is about 125-150 basis points above Libor.

The company has not commented on the reports about the possible bands issue.