Rec

State-owned REC raises Rs 2,195 crore via bonds of different maturities

Market participants said that the company did not raise the entire amount as the investors were demanding a higher coupon

Bharti Telecom raises Rs 11,150 crore via bonds to fuel investment goals

REC looking to raise Rs 6,500 crore this week

REC Q2 results: Net profit grows 7% to Rs 4,037 cr on higher income

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

REC disburses loans worth Rs 90,955 cr from Apr-Sep, up 20% from yr ago

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.

REC's deep-discount zero-coupon bond issuance receives strong demand

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

REC witnesses hefty investor demand for rare corporate bond 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

REC raises $500 million via green bond to support renewable energy projects

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

Infra lender REC signs renewable energy agreements worth $13.4 billion

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 inks pact with JNPA for financing projects up to Rs 45,000 crore

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

REC loan sanctions grow 24% to Rs 1.12 trn in Q1; Rs 40k cr for renewables

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.

LS poll impact: PSU shares in free fall mode; most stocks hit lower circuit

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

REC board approves raising borrowing limit in foreign currency to $24 bn

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

REC plans to raise up to Rs 6,000 crore through two bonds on Friday

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 jumps 20% in 2 days post Q4 results announcement; PFC nears record high

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

REC logs highest annual profit of Rs 14K crore on lower stressed assets

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

Q4FY24: Indian Oil, REC, Havells India among 56 firms to post results today

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

REC gets 60.5 bn yen green loan from Italian export credit agency SACE

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

REC to extend Rs 1,869 cr loan for Kiru hydro project in Jammu & Kashmir

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 ...

At Rs 3.55 trillion, REC clocks highest ever loan sanctions in FY24

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

BS Manthan: India has long road ahead in green energy targets, say experts

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