REC has received approval from board to raise borrowing limit in foreign currency to $24 billion form $20 billion. The overall borrowing limit in Indian rupees was however retained at Rs 6 lakh crore. The board also approved raising up to Rs 1,45,000 crore through private placement of unsecured/secured non-convertible bonds/debentures.
The funds will be raised, in one or more tranches, from time to time, during one year from the date of passing of resolution by the shareholders in the ensuing annual general meeting.
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.
