REC gets shareholders nod to raise up to Rs 42,000 cr

State-run Rural Electrification Corp (REC) today said that its shareholders have approved the proposal to raise up to Rs 42,000 crore through issuance of bonds or debentures on private placement basis.
The shareholders approved the proposal with requisite majority at its annual general meeting held on September 16, REC stated in BSE filing.
The proposal was to enable the company to raise funds through private placement of unsecured/secured non-convertible bonds/debentures up to Rs 42,000 crore, during a period of one year from the date of passing of this resolution, i.E. Up to September 15, 2016.
The said limit is within the overall borrowing limit approved by the shareholders' vide Special Resolution passed through Postal Ballot on June 10, 2014.

The company had tabled a special resolution to raise the amount of Rs 42,000 crore through bonds in it Annual General Meeting held on September 16.
Shares of the company closed at Rs 262.50 apice, up 3.82 per cent on BSE.