Rural Electrification Corp to seek approval to raise Rs 50,000 crore

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New Delhi, Aug 28 (IANS) State-run Rural Electrification Corporation (REC) on Sunday said it will seek the approval of its shareholders on September 21 for raising Rs 50,000 crore through non-convertible debentures (NCDs).

Giving notice of its AGM to be held on September 21, REC said in a stock exchange filing that it can issue via private placement unsecured/secured non-convertible bonds/debentures up to Rs 50,000 crore during a period of one year from the date of passing of this resolution.

“Consent of the Company be and is hereby accorded to raise funds through private placement of unsecured/secured non-convertible bonds/debentures upto 50,000 crore during a period of one year from the date of passing of this resolution, in one or more tranches,” the filing said.

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The REC board had, earlier this month, cleared the company’s fund raising plans.

–IANS

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