REC board approves raising borrowing limit in foreign currency to $24 bn

State-owned REC Ltd on Friday said its board has approved raising the borrowing limit in foreign currency to $24 billion form $20 billion.

The overall borrowing limit in Indian rupees was however retained at Rs 6 lakh crore, the company said in an exchange filing.

The board of directors at its meeting held on Friday approved "proposal of retaining the overall borrowing limit of the company in INR at Rs 6,00,000 crore and increase the borrowing limit in any foreign currency equivalent from $20 billion to $24 billion..."

The board also approved raising up to Rs 1,45,000 crore through private placement of unsecured/secured non-convertible bonds/debentures.

The funds will be raised, in one or more tranches, from time to time, during one year from the date of passing of resolution by the shareholders in the ensuing annual general meeting.

Besides, it approved appointment of Harsh Baweja as Director (Finance) (Additional Director) and Chief Financial Officer of REC with effect from May 14, 2024.

REC, under Ministry of Power, is a non-banking finance company, public financial institution, and infrastructure financing company.