REC has raised $500 million (about Rs 3,550 crore) by issuing unsecured notes, and the proceeds would be used for lending to power sector. The company has issued $500,000,000, 3.50 per cent notes due 2024, on December 05, 2019.
The notes will mature on December 12, 2024 and all principal and interest payments will be made in US Dollars. The settlement date for the notes is expected to be December 12, 2019. The notes represent direct, unconditional and unsecured obligations of the issuer and will rank pari passu among themselves and all other unsecured obligations of the issuer.
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.
