State-run REC Ltd (REC) on Friday said it raised $1,175 million from a consortium of seven banks in the single largest syndicated loan raised in the international bank loan market by any Indian NBFC.
The deal, benchmarked to USD LIBOR, was anchored by seven Indian and international banks, namely Axis Bank, Bank of Baroda NSE -0.32 %, Bank of India, Canara Bank NSE 1.02 %, DBS, MUFG and SMBC. The deal will be launched in the Asian loan syndication market shortly to capture interest from a wider investor community.
The proceeds from this facility shall be utilised to fund infrastructure power sector projects as permitted under the ECB guidelines of the Reserve Bank of India.
