Amid hardening of yields, REC and IIFCL do not raise full quantum

REC raised Rs 2,595 crore at 7.28%; IIFCL raises Rs 1,040 crore at 7.56%

State-owned REC Ltd. and Indian Infrastructure Finance Company Ltd. (IIFCL) on Tuesday did not raise the full quantum they were in the market for. While state-owned REC raised Rs 2,595 crore through 15-year bonds at 7.28 per cent, IIFCL raised Rs 1,040 crore through bonds maturing in three years and 36 days at a cut off 7.56 per cent, sources said.

 

REC was in the market to raise Rs 3,000 crore with a base issue size of Rs 500 crore and a green shoe option of Rs 2,500 crore, IIFCL tapped the market to raise Rs 2,000 crore. REC also