REC hits record high after board OKs raising upto Rs 1.45 lakh crore

REC surged 10.67% to Rs 595 after the company's board has approved to raise funds by way of non-convertible debentures (NCDs) on a private placement basis upto an aggregate amount of Rs 1.45 lakh crore.

The company will raise funds through unsecured/secured, non-convertible bonds/debentures of up to Rs 1.45 lakh crore.

Meanwhile, the companys board has approved the appointment of Harsh Baweja as the chief financial officer (CFO) and director of finance.

Harsh Baweja is a Chartered Accountant with an impressive 33-year tenure in steering financial operations across multiple institutions. As a Fellow Member of the Institute of Chartered Accountants of India (ICAl) and a holder of a Diploma in Information Systems Audit from ICAI, his credentials reflect proven track record in navigating complex financial landscapes.

REC is a government-owned infrastructure finance company in India. They fund projects in power (including new technologies) and non-power sectors (roads, metro, IT, etc.) for both government and private companies.

On a consolidated basis, net profit of REC rose 33.07% to Rs 4,079.09 crore on 23.91% rise in total income to Rs 10,254.63 crore in Q4 2024 over Q4 2023.

The scrip hit an all-time high at Rs 600.50 in intraday today.

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