New Delhi, June 19 -- The much awaited IPO process for Jio Platforms Ltd, the telecom arm of Reliance Industries, has officialy begun as the company filed the Draft Red Herring Prospectus (DRHP) with SEBI. The company stated that the proceeds from the IPO will be used to pare debt and rest of it will be used for general corporate purposes.

"We propose to prepay certain borrowings availed by the Material Subsidiary, RJIL which are in the nature of ECBs and subject to foreign currency fluctuations. While we use various derivative financial instruments such as interest rate swaps, currency swaps, forwards and options to mitigate the risk of changes in exchange rates, there can be no assurance that such hedging arrangements may be sufficient...