REC Ltd.

State-run Rural Electrification Corporation (REC) is eyeing to raise at least Rs 1,500 crore via 5-, 7-, and 10-year bonds. The company plans to launch the bonds tentatively in the next week. Earlier this month, the company closed an issue of 3-, 5-, and 10-year bonds and the firm accepted bids worth Rs 3,950 crore it received for the issue. It had planned to raise at least Rs 500 crore through the issue.

The company’s net profit for the quarter ended June 30, 2011 rose by 12.70% at Rs 661.96 crore as compared to Rs 587.36 crore for the corresponding quarter last year. Its total income increased 23.03% at Rs 2372.88 crore for the quarter under review from Rs 1928.77 crore for the same quarter last year.

Rural Electrification Corporation 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.