REC to consider raising up to Rs70K cr via NCDs

New Delhi: Rural Electrification Corporation (REC) on Tuesday said its board will consider a proposal this month to raise up to Rs 70,000 crore through issuance of non-convertible debentures on private placement basis.

The board of directors of Rural Electrification Corporation in its meeting scheduled on July 25 will "consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs 70,000 crore, in one or more tranches", according to a regulatory filing by the company.

The company would seek shareholders' approval for the proposal in the ensuing Annual General Meeting tentatively scheduled to be held on September 25, the filing said.