The bond issued by Reliance, an energy and materials company one of India's largest companies, was the third and biggest perpetual bond issued in Asia this year, according to data provider Dealogic.

WSJ: Perpetual Bond Risk Rises With US Treasury Yields

Typically, buyers of perpetual bonds receive a fixed rate of return but expect the issuer to redeem the bond after several years.

WSJ: Perpetual Bond Risk Rises With US Treasury Yields