Page 6 - Rec

REC seeks shareholders' nod to raise up to Rs 75,000 cr via bonds

REC Ltd will seek shareholders' approval to raise up to Rs 75,000 crore through issuance of bonds next week. The funds are proposed to be raised through issuance of debentures on private placement basis during a period of one year from the date of passing of the resolution, in one or more tranches, as per the AGM notice. The limit of Rs 75,000 crore shall be within the overall revised borrowing limit. The annual general meeting (AGM) of shareholders is scheduled for September 16, 2022. REC will also seek shareholders' approval to authorize the board to mortgage/create charge on immovable and/or movable properties of the company, for securing loan up to Rs 4,50,000 crore.

Suzlon looks to raise Rs 1,200 cr in FY23 from rights issue, says CFO

It is looking to raise up to Rs 1,200 crore through a rights issue of shares by the fiscal-end to pare the refinanced debt of Rs 3,000 crore, its Chief Financial Officer Himanshu Mody told PTI.

REC okays subscribing 50% equity in asset management firm PFC Projects

State-owned REC Ltd board has approved a proposal for subscribing 50 per cent equity not exceeding Rs 50 crore in PFC Projects, a power asset management company for taking over stressed assets. As per a BSE filing, PFC Projects is a 50:50 joint venture company with the PFC for taking over stressed/NPA (bad loan) assets in the power sector, subject to requisite approvals. The REC board in a meeting on August 4, 2022, approved a proposal for the subscription of 50 per cent equity shareholding not exceeding Rs 50 crore in PFC Projects Ltd (in the Power Asset Management Company), the filing said. The board also approved the proposal for the sale and transfer of Neemuch Transmission Limited to M/s Power Grid Corporation of India Ltd, the successful bidder selected through a tariff-based competitive bidding process. The board also approved the incorporation of a project-specific special purpose vehicle (SPV), as a wholly-owned subsidiary of REC Power Development & Consultancy Limited ..

REC net profit rises 14% to Rs 2,301 cr in March quarter on higher revenues

The consolidated net profit of the company was Rs 2,017.84 crore in the quarter ended March 2021, a BSE filing said

REC board okays Rs 85,000 cr borrowing plan for 2022-23

According to the filing, the company has planned to raise Rs 75,000 through issuance of bonds , term loans and external commercial borrowings

REC partners EPIC India to improve performance of discoms

State-owned non-banking finance firm REC has partnered with Energy Policy Institute at the University of Chicago (India) to improve the performance of power distribution utilities. "The Energy Policy Institute at the University of Chicago (EPIC India) has signed a Memorandum of Understanding (MoU) with REC Limited, a public infrastructure finance company, and REC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC Ltd, to enable an evidence-based approach to improve the electricity distribution utility performance by designing innovative policy interventions for pilot and evaluation," a company statement said. The MoU was signed in the presence of R Lakshmanan, Chief Executive Officer - RECPDCL, Anant Sudarshan, South Asia Director EPIC and Sidhartha Vermani, Executive Director - EPIC India. Under this partnership, in addition to providing research and evaluation support, EPIC India will collaborate with REC Ltd and RECPDCL to provide a platform fo

Lenders agree to raise wind energy firm Suzlon Energy stake to 35%

Promoters' holding to fall to 12.7% as creditors convert loan into equity

PSUs rush to raise offshore debt for ongoing projects, retiring older loans

REC to raise $1.1 bn, NTPC and IRFC are raising $1.75 bn; Private sector companies led by Reliance Industries are also tapping international bond markets to raise funds

REC raises $1,175 million from a consortium of seven banks

This is the single largest syndicated loan raised in the International Bank Loan market by any Indian NBFC

REC raises $1,175 million from a consortium of seven banks

State-owned REC has raised USD 1,175 million from a consortium of seven banks.

REC gets $169.5 mn from KfW Development Bank for power, renewable projects

This is the fifth credit line signed between REC Ltd and KfW for financing power sector projects and the third credit line for the financing of renewable energy projects

REC raises $75 mn term loan from Sumitomo Mitsui Banking Corporation

The proceeds from this facility shall be utilised to fund power sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India (RBI)

Reliance Industries looks at global tie-ups in renewables, says report

Ballard Power could be one of potential collaborators in fuels cells, Saudi Aramco for green ammonia and Siemens Green Energies for carbon capture and storage

REC gets shareholder nod to raise up to Rs 85,000 cr via bonds, debentures

State-owned REC has got shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures. "All resolutions as set out in the Notice of 52nd AGM of the company have been duly approved & passed by the shareholders with requisite majority," a BSE filing said on Monday. The funds would be raised on private placement basis in one or more tranches, according to the notice for 52nd Annual General Meeting (AGM) held on September 24, 2021. "It is proposed to pass a special resolution to enable the company to raise funds through private placement of unsecured/secured non-convertible bonds/debentures up to Rs 85,000 crore, during a period of one year (from September 23, 2022)," the notice had said. Further, it had said the amount planned to be raised shall be within the overall revised borrowing limit, being proposed for approval by the shareholders. The company had also proposed alteration to Objects Clause of Memorandum of Association of the ...

REC, PFC sign pact to finance 600-megawatt hydropower project in Bhutan

KHEL is the first JV being undertaken between the two governments for implementation of the 4x150 MW Kholongchhu hydroelectric project

Nabard, REC, TMF Holdings, L&T Finance raise Rs 6,900 cr in stable market

REC raised just over Rs 3,600 crore through a 15-year paper carrying coupon of 7.4 per cent.

Nabard, REC, others to hit bond mkt today; plan to raise about Rs 8,600 cr

Dealers said the PSU may have tied up with investors before launching the issue. There may be some anchor investors.

Stocks to watch: Tata Consumer, GAIL, NTPC, SBI Card, Sanofi India, REC

SBI Cards and Payment Services had raised Rs 550 crore by issuing bonds on a private placement basis

State-run REC raises $500 million through issuance of notes

The firm has raised the money through issuance of notes (bonds) under its $7 billion Global Medium Term Note Programme which would be used to finance the power sector

Central bank's proposals on dividend payouts weigh on state-owned NBFCs

The RBI has proposed that the payouts from next financial year will depend upon factors such as capital adequacy, non-performing asset ratio and leverage ratio.