REC seeks bids to raise at least Rs 500 crore via bonds: sources

Rural Electrification Corp Ltd (REC) has invited bids on Wednesday to raise at least Rs 500 crore through an issue of five-year bonds, two sources with direct knowledge of the deal said.

REC is expected to be followed by Power Finance Corp and other regular issuers after the RBI stuck to script with a widely-expected 25 basis points repo rate hike and a similar cut in marginal standing facility rate.