REC to seek shareholder nod on September 21 for raising Rs 50,000 crore

Shares of the company closed at Rs 230.45, down 0.50 per cent on the BSE on Friday

State-run Rural Electrification Corporation (REC) on Sunday said it will seek shareholder's nod on September 21 for raising Rs 50,000 crore through issue of non- convertible debentures.

In a filing to the BSE, REC said the company can issue via private placement unsecured/secured non-convertible bonds/ debentures up to Rs 50,000 crore during a period of one year from the date of passing of this resolution.

Earlier this month, the board of REC had cleared the fund raising plans.

Shares of REC closed at Rs 230.45, down 0.50 per cent on the BSE on Friday.