The proceeds would be utilised for lending operations and to meet debt obligations, the company said in a statement.
"The issue shall open for subscription from February 25 till March 15, 2013. The face value of the bonds shall be Rs 1,000," it added.
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REC will have an option to retain an over-subscription of up to Rs 2,482.6529 crore from the bond issue.
"The bonds carry a coupon rate of 7.38% per annum and 7.54% per annum for a tenor of 10 and 15 years respectively for retail investors," the statement said.
For other investors, the annual coupon rate would be 6.88% and 7.04% for 10 and 15 year tenors respectively.
REC is a leading power sector lender.
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