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Board of REC approves fund raising up to Rs 75000 cr

Capital Market 

At meeting held on 10 July 2019

The Board of REC at its meeting held on 10 July 2019 has approved the proposal of raising of funds through issue of unsecured/secured non-convertible bonds/debentures through Private Placement, upto an amount of Rs 75,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the 50th AGM scheduled to be held on August 29, 2019. 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 50th Annual General Meeting, with the approval of competent authority as per powers delegated in this regard, by the Board of Directors in the said Meeting.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 10 2019. 14:50 IST