REC raises Rs 1,100 cr, higher rate hints at tighter liquidity
KOLKATA: REC Ltd, formerly known as Rural Electrification Corp, raised about Rs 1,100 crore in bonds Friday at a much higher rate, reflecting tighter liquidity and lower investor appetite, bond traders said.
The REC sold its “AAA” rated bonds carrying 2-year 7-month maturity at 8.5%, which is 15-25 basis points higher than the prevailing rate for bonds with best credit ratings.
