Rural Electrification Corp to seek approval to raise Rs 50,000 crore

State-run Rural Electrification Corporation (REC) on Sunday said it will seek the approval of its shareholders on September 21 for raising Rs 50,000 crore through non-convertible debentures (NCDs).

Giving notice of its AGM to be held on September 21, REC said in a stock exchange filing that it can issue via private placement unsecured/secured non-convertible bonds/debentures up to Rs 50,000 crore during a period of one year from the date of passing of this resolution.

"Consent of the Company be and is hereby accorded to raise funds through private placement of unsecured/secured non-convertible bonds/debentures upto 50,000 crore during a period of one year from the date of passing of this resolution, in one or more tranches," the filing said.

The REC board had, earlier this month, cleared the company's fund raising plans.