REC seeks shareholders' nod to raise up to Rs 75,000 cr via bonds

REC Ltd will seek shareholders' approval to raise up to Rs 75,000 crore through issuance of bonds next week. The funds are proposed to be raised through issuance of debentures on private placement basis during a period of one year from the date of passing of the resolution, in one or more tranches, as per the AGM notice.

The limit of Rs 75,000 crore shall be within the overall revised borrowing limit.

The annual general meeting (AGM) of shareholders is scheduled for September 16, 2022.

REC will also seek shareholders' approval to authorize the board to mortgage/create charge on immovable and/or movable properties of the company, for securing loan up to Rs 4,50,000 crore.