REC raises $650 million in international bond market

New Delhi: State-run REC Ltd. has raised $650 million by issuing bonds in the international market, the company said in a statement on Friday.

“REC Limited has successfully raised $650 million ( ₹4,450 crore), 5-year bond from REG S Bonds under the established Global Medium Term Programme of $5 billion. Proceeds of the bond will be used to finance power projects in accordance with the approvals granted by the RBI from time to time and in accordance with the ECB Guidelines,” said the statement from one of the largest financier for the domestic power sector in India.

The bond issuance by REC followed the $1 billion bond issued by state run Power Finance Corp. Ltd (PFC) in the international market last month.