Rural Electrification Corporation (REC) has received its board’s approval for draft prospectus in respect of public issue of Tax Free Secured Redeemable Non-convertible Bonds of face value of Rs 1,000 each, in the nature of debentures, during the financial year 2011-12, aggregating to Rs 1,500 crore with an option to retain over subscription up to a total amount of Rs 3,000 crore pursuant to the provisions of the applicable statutory guidelines. The company has received the approval for the same on February 16, 2012.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.
