REC seeks shareholders’ nod to raise borrowing limit to Rs 4.5 lakh crore

NEW DELHI: State-run REC on Friday said it is seeking shareholders’ approval to raise its overall borrowing limit Rs 4.5 lakh crore from the existing Rs 3.5 lakh crore. The company’s 51st annual general meeting (AGM) is scheduled to be held on September 25.

“The consent of the Members is sought for increasing the borrowing limit from Rs 3,50,000 crore to Rs 4,50,000 crore to cover the further requirement of borrowings,” as per the AGM notice.