Don’t miss the latest developments in business and finance.

REC to raise Rs 30,000 cr this fiscal

FCCBs would be raised subject to approval from the govt

Image
Reuters New Delhi
Last Updated : Jan 20 2013 | 3:44 AM IST

State-owned Rural Electrification Corp will raise Rs 30,000 crore during the current financial year, 2012-13, a top official said today.

"Our target for the current fiscal is Rs 30,000 core, through a mix of instruments, ECBs, Foreign Currency Convertible Bonds (FCCBs), infrastructure bonds etc," REC Chairman and Managing Director  Rajiv Sharma told reporters here.

The company would raise $750 million through external commercial borrowings (ECBs) and $1 billion via FCCBs.

The FCCBs would be raised subject to approval from the government, Sharma said.

REC sanctions loans to state electricity boards, power utilities, state governments across India.

Also Read

First Published: May 24 2012 | 12:46 PM IST

Next Story