State-run Rural Electrification Corporation (REC) is seeking approval from Securities and Exchange Board of India (SEBI) to raise upto Rs 5,000 crore through tax-free bonds. The company will use the raised fund for general lending operations of the company and other associated business objectives besides repaying existing loans.
The lead managers to the issue are ICICI Securities, A K Capital Services, Axis Capital and Edelweiss Financial Services. Besides, Karvy Computershare is the registrar to the issue. Earlier in financial year 2012-13, REC had issued tax free bonds worth Rs 2,648.41 crore. The state-run power financier is one of the most active mobiliser of funds from the bond market.
