REC to seek nod for Rs 85,000 crore fundraise

CHENNAI: State-run power sector financier REC Ltd will seek the approval of its shareholders for a proposal to raise Rs 85,000 crore through an issue of non-convertible bonds or debentures at its annual general meeting to be held on September 24.

According to the company, these funds will be raised on a private placement basis in one or more tranches over a period of one year. The amount to be raised will be within the overall revised borrowing limit that is being proposed for approval by shareholders, it added.