Rural Electrification Corp (REC) has received shareholders' approval for the proposal to raise up to Rs 42,000 crore through issuance of bonds or debentures on private placement basis. The shareholders approved the proposal with requisite majority at its annual general meeting held on September 16, 2015.
The proposal will enable the company to raise funds through private placement of unsecured/secured non-convertible bonds/debentures up to Rs 42,000 crore, during a period of one year from the date of passing of this resolution, i.e. up to September 15, 2016.
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.
