REC’s shareholders have approved a proposal to raise the overall borrowing limit to Rs 4.5 lakh crore from the existing Rs 3.5 lakh crore. The company's 51st annual general meeting (AGM) held on September 25.
Shareholders also approved a special resolution for raising funds through a private placement of unsecured/ secured non-convertible bonds /debentures of up to Rs 85,000 crore in one or more tranches. The said limit of Rs 85,000 crore shall be within the overall revised borrowing limit being proposed for approval by the shareholders at the AGM.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
