Maharatna PSU REC (Rural Electrification Corporation) Limited approved raising the borrowing limit in foreign currency to USD 24 billion from USD 20 billion. The REC is a non-banking finance company, public financial institution, and infrastructure financing company operating under the Ministry of Power. The power giant’s exchange filing suggested that the overall borrowing limit in Indian rupees was retained at Rs. 6 lakh crore.
The funds are expected to be raised in one or more tranches, from time to time – during one year from the date of passing of a resolution by the shareholders in the ensuing annual general meeting. Its board of directors announced raising Rs. 1,45,000 crore through private placement of unsecured/secured non-convertible bonds/debentures.
During the meeting, it was announced that Mr. Harsh Baweja had been appointed the new Director (Finance) and Chief Financial Officer of REC with effect from May 14.
