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.
Current outstanding together with projected borrowings during 2020-21 is likely to exceed overall borrowing limit of Rs 3.5 lakh crore, the notice said.
The net amount of borrowings of the company as on March 31, 2020 was Rs 2,80,116 crore and a sum of Rs 1,10,000 crore is likely to be borrowed in 2020-21 for lending activities.
