REC raised USD 700 mn in overseas bonds issue

REC Ltd said Friday it has raised USD 700 million (about Rs 5,140 crore) through a five-year overseas bonds issue to finance power projects.

The bonds have been raised at a coupon of 5.25 per cent per annum, payable semi-annually and a maturity date of November 13, 2023, the company said in a regulatory filing.

REC, formerly Rural Electrification Corp Ltd, said the transaction saw an oversubscription of about 2.5 times.

"Proceeds of the bond will be utilised to finance power projects," it said.