State-owned REC Ltd said Wednesday that its board has approved a proposal to raise Rs 75,000 crore through bonds or debentures on a private placement basis in one or more tranches in the next one year.

"The board of directors in its meeting held on July 10, 2019, approved proposal of raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs 75,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the 50th AGM on August 29, 2019," a BSE filing said.

The funds will actually be raised, from time to time, during a period of one year from the date of passing of resolution by the shareholders in the 50th annual general meeting, it added.

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