The shareholders approved the proposal with requisite majority at its annual general meeting held on September 16, REC stated in BSE filing.
The proposal was to enable the company to raise funds through private placement of unsecured/secured non-convertible bonds/debentures up to Rs 42,000 crore, during a period of one year from the date of passing of this resolution, i.E. Up to September 15, 2016.
The said limit is within the overall borrowing limit approved by the shareholders' vide Special Resolution passed through Postal Ballot on June 10, 2014.
Shares of the company closed at Rs 262.50 apice, up 3.82 per cent on BSE.
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