Ambani’s Reliance Industries Ltd. is planning to raise as much as 100 billion rupees ($1 billion) through local-currency bonds as early as next week, according to people familiar with the matter, in what would be its second debt offering this month. The company aims to issue AAA rated notes due in 10 years, with a coupon of 7.90%, slightly below the 7.97% average yield on top-rated 10-year corporate bonds. Reliance Industries last week borrowed 120 billion rupees through five-year securities at a coupon of 7.47%.

Many issuers are considering bond offerings amid expectations that the Reserve Bank of India may tighten monetary policy later this year as inflation risks mount amid high oil prices. Surplus liquidity at banks stood at 4.2 trillion rupees as of Wednesday, much lower than a record high of almost 11 trillion rupees earlier this month. Elsewhere, billionaire Gautam Adani’s Adani Airport Holdings Ltd. is seeking bids for up to 10 billion rupees in three-year notes and tycoon Sajjan Jindal’s JSW Energy Ltd. is aiming to raise as much as 5 billion rupees in seven-year bonds.