New Delhi: State-owned REC Limited in a regulatory filing on Thursday that "the Board of Directors of REC Limited in its meeting held on March 9 inter-alia approved the market borrowing programme under different debt instruments for financial year 2023-24."
"The company will raise funds worth Rs 1,20,000 crores using these instruments. Funds under the proposed borrowing programme for the financial year 2023-24 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions," said the filing.
"The company will raise Rs 5,000 crores through commercial papers. Commercial Paper raised and repaid during the financial year to be excluded from this limit," it added. "It plans to raise Rs 10,000 crores through Short Term Loan (STL) from Banks/FIs/NBFCs etc (excluding temporary loans i.e., STL of tenure less than six months, WCDL, CC Limit, OD Facility, Corporate Credit Cards or any other arrangement of similar nature). Further, it plans to raise Rs 1,05,000 crores through four debt instruments including, domestic bonds/ debentures, Capital Gains Tax Exemption Bonds, Rupee Term Loans from Banks/FIs/NBFCs/O Institutions, ECBs," it added.
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