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REC gets a nod from board to raise Rs 75,000 cr in one or more tranches

The PSU plans to raise funds from time to time over a period of one year from the date of passing of the resolution by the shareholders
New Delhi: Government-owned Rural Electrification Corporation (REC) has got an approval from its board 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 public sector undertaking (PSU) plans to raise funds from time to time over a period of one year from the date of passing of the resolution by the shareholders in the 50th annual general meeting, the company said.