REC Ltd.

State-run Rural Electrification Corporation (REC) is planning to raise Rs 1,500 crore through private placement of 10-year bonds with the country's largest life insurer, Life Insurance Corporation of India (LIC) at a coupon rate of 9.63 percent.

Recently, REC planed to diversify into power generation by setting up renewable energy projects with an investment of about Rs 2,800 crore in the next five years, through its subsidiary REC Power Distribution Company.

The company has reported a surge of 24.79% in its net profit to Rs 700.26 crore for the fourth quarter as compared to Rs 561.17crore for the same quarter last year. Total income has increased by 23.36% to Rs 2306.33 crore for the quarter to from Rs 1869.57 crore in the same quarter previous year.