REC board approves raising up to Rs 50k cr via bonds

Rural Electrification Corp's board has approved a proposal to raise up to Rs 50,000 crore through issuance of bonds or debentures on private placement basis.
"Subject to the approval of shareholders in the ensuing annual general meeting, the board of directors of the company has approved the proposal for issue of unsecured/secured non-convertible bonds/debentures through private placement up to Rs 50,000 crore during a period of one year from date of passing the resolution in the AGM," Rural Electrification Corp said in a BSE filing today.
According to the statement, the decision was taken by the board of directors of the company at its meeting held today.

The board also recommended issuing bonus shares in the ratio of 1:1 (one new equity share of Rs 10 each for every equity share of Rs 10 each held as on record date).