REC seeks nod from shareholders to raise Rs 75K crore

The limit of  Rs 75,000 crore will be within the overall revised borrowing limit. The annual general meeting (AGM) of shareholders is scheduled for September 16, 2022.

Published: 06th September 2022 07:42 AM  |   Last Updated: 06th September 2022 07:42 AM   |  A+A A-

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Image used for representational purpose only (File Photo)

By Express News Service

NEW DELHI: Rural Electrification Corporation (REC Ltd) will seek shareholders’ approval to raise up to Rs 75,000 crore through the issuance of bonds next week. 

The company, in its AGM notice, said the funds will be raised through the issuance of debentures on a private placement basis during a period of one year from the date of passing of the resolution in one or more tranches.

The limit of  Rs 75,000 crore will be within the overall revised borrowing limit. The annual general meeting (AGM) of shareholders is scheduled for September 16, 2022.

REC will also seek shareholders’ approval to authorise the board to mortgage and create charges on immovable and/or movable properties of the company, for securing loans up to Rs 4,50,000 crore.

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