REC board to consider proposal to raise Rs 75,000 cr via bonds

State-owned REC Ltd said Thursday that its board would consider a proposal next week to raise Rs 75,000 crore through bonds or debentures on a private placement basis in one or more tranches in the next one year.

"Board of directors of REC Ltd, in its meeting scheduled to be held on July 10, 2019, will inter alia consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs 75,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing annual general meeting (AGM) of the company," a BSE filing said.

The funds will actually be raised, from time to time, during a period of one year from the date of passing of resolution by the shareholders in the ensuing AGM, with the approval of competent authority as per powers delegated in this regard, by the board of directors in the meeting, according to the statement.