REC

REC looking to raise Rs 6,500 crore this week

State-owned REC Ltd on Saturday posted around 7 per cent rise in its consolidated net profit to Rs 4,037.72 crore for the September 2024 quarter, mainly on the back of higher income. Its consolidated net profit stood at Rs 3,789.90 crore in the quarter ended September 2023, a BSE filing showed. The total income rose to Rs 13,706.31 crore in the quarter under review from Rs 11,684.89 crore a year ago. The board also approved the second interim dividend of Rs 4 per equity share of Rs 10 each for 2024-25. The record date for the interim dividend is November 18. The interim dividend will be paid on or before November 22, 2024. In a separate statement, the company said, "Owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of finance cost, REC is able to maintain its spreads and NIMs (Net Interest Margin) resulting in H1 PAT of Rs 7,448 crore". The earnings per share (EPS) for the period ended September 30, 2024, accelerated to Rs 2

State-owned REC has disbursed loans worth Rs 90,955 crore during April-September FY25, up 20.10 per cent from the year-ago period. Of the total amount, Rs 11,297 crore was green loan, 92.68 per cent higher year-on-year, the company said in a statement. In the September quarter of FY25, REC said it disbursed Rs 47,303 crore loans, 13.71 per cent higher than the Rs 41,598 crore disbursed a year earlier. Of this, renewable energy loans aggregated to Rs 5,946 crore, up 37.35 per cent YoY. Renewable energy loans accounted for 13 per cent of the total disbursals in the July-September period in FY25 as against 10 per cent in the year-ago period. REC, under the Ministry of Power, is a non-banking financial company focusing on power sector financing in India.

The issuance had a base issue size of Rs 1,000 crore, with a greenshoe option of Rs 4,000 crore. The company received bids worth Rs 33,670 crore, nearly 34 times the base issue

The non-banking financial company raised Rs 5,000 crore ($596.7 million) through a deep-discount zero-coupon bond at a yield of 6.25 per cent

State-owned REC Ltd on Saturday said it has raised USD 500 million through green dollar bonds to support various renewable energy projects. The 5-year note has a coupon rate of 4.75 per cent per annum to be paid semi-annually and the maturity date of September 27, 2029. This is the first US dollar bond issuance from an Indian public sector enterprise in 2024, REC said in a statement. The latest fund raise was part of USD 10 billion global medium-term programme of the company. The proceeds will be used to finance eligible green projects, in accordance with REC's Green Finance Framework as per green bond principles of Climate Bond Initiative, London and RBI's ECB guidelines, with a second-party opinion from Sustainable Fitch, it said. "The overwhelming demand for our green bonds, amidst a challenging global financial environment, reflects the established standing of India as a key player in the green finance market," said Vivek Kumar Dewangan, CMD of REC Ltd. The notes will be rated

REC is targetting to take its renewables loan book to over Rs 3 trillion by 2030, expanding the share of renewables to 30 per cent from 8 per cent currently

REC will provide funds for JNPA's infrastructure projects, including the Vadhavan port development plan

State-owned REC Ltd on Monday said it sanctioned Rs 1,12,747 crore worth of loans during April-June FY25, posting a year-on-year growth of 24.17 per cent. It had sanctioned Rs 90,797 crore as loan during the year-ago period, the company said in an exchange filing. Loan disbursements rose 27.89 per cent to Rs 43,652 crore in the period under review. During June quarter FY25, Rs 39,655 crore was sanctioned for renewable energy projects, up 58.72 per cent from the year-ago period. Loan disbursements more than doubled to Rs 5,351 crore from Rs 1,534 crore. REC, under Ministry of Power, is a non-banking financial company (NBFC) focusing on power sector financing in India.

Government-owned shares witnessed intense selling pressure as analysts feared that the relatively poor showing of the Modi-government may impact its reforms agenda.

State-owned REC Ltd on Friday said its board has approved raising the borrowing limit in foreign currency to USD 24 billion form USD 20 billion. The overall borrowing limit in Indian rupees was however retained at Rs 6 lakh crore, the company said in an exchange filing. The board of directors at its meeting held on Friday approved "proposal of retaining the overall borrowing limit of the company in INR at Rs 6,00,000 crore and increase the borrowing limit in any foreign currency equivalent from USD 20 billion to USD 24 billion..." The board also approved raising up to Rs 1,45,000 crore through private placement of unsecured/secured non-convertible bonds/debentures. The funds will be raised, in one or more tranches, from time to time, during one year from the date of passing of resolution by the shareholders in the ensuing annual general meeting. Besides, it approved appointment of Harsh Baweja as Director (Finance) (Additional Director) and Chief Financial Officer of REC with effe

The company has invited bids for the same on Friday. The NCDs have been given the highest credit rating of 'AAA' with a 'Stable' outlook by ICRA, and CRISIL

REC stock price update: REC stock price hit a record high of Rs 555.45 apiece on the BSE, after it soared 9.5 per cent in Thursday's intraday trade

The company's loan book has grown by 17 per cent to Rs 5.09 trillion as against Rs 4.35 trillion as on March 2023, which is also the highest ever

Q4 FY24 results: Adani Energy, Adani Total Gas, Central Bank of India, Indus Towers, Procter & Gamble Hygiene & Health Care, Castrol India to post financial results

The arrangement between SACE and REC is a breakthrough and a first-of-its-kind collaboration between an Indian government entity and SACE

State-owned REC Ltd on Wednesday said it will provide a term loan of Rs 1,869 crore for 624 MW Kiru Hydro Electric Project in Kishtwar, Jammu & Kashmir. The loan will be utilized for development, construction and operation of the project on River Chenab, a statement said. According to the statement, REC has signed an agreement with Chenab Valley Power Project Private Ltd (CVPPPL), under which REC will provide CVPPPL with a financial assistance of Rs 1,869.265 crore as term loan. The project envisages construction of a 135-metre high dam and an underground power house with 4 units of 156 MW each. CVPPPL is a joint venture between NHPC (51 per cent) and JKSPDC (49 per cent). The company was incorporated in 2011. REC finances the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects. REC is an NBFC ...

The NBFC, which has widened its scope beyond pure play power sector, now lends to green energy, infrastructure, and new age energy transition projects as well

Country's ambition of rapid economic growth must balance with its climate change commitments, they say at Business Standard summit

State-owned REC Ltd on Wednesday said its board has approved an overall borrowing limit of Rs 1,60,000 crore for 2024-25. The board in its meeting held on Wednesday approved a borrowing limit of Rs 1.6 lakh crore, including Rs 1,45,000 bonds and term loans, Rs 5000 crore of short-term loans and Rs 10,000 crore of commercial papers, REC said in a filing. Funds under the proposed borrowing programme for 2024-25 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions, with the approval of Competent Authority, the filing stated. The Board has approved the amendment in 'Policy on Criteria for determining Materiality of Events or Information for disclosure to Stock Exchanges'. REC, a non-banking finance company, provides financing to power infrastructure projects in the country. It meets the funding requirements through borrowings.