CHENNAI: State-run power sector financier REC Ltd will seek the approval of its shareholders for a proposal to raise Rs 85,000 crore through an issue of non-convertible bonds or debentures at its annual general meeting to be held on September 24.
According to the company, these funds will be raised on a private placement basis in one or more tranches over a period of one year. The amount to be raised will be within the overall revised borrowing limit that is being proposed for approval by shareholders, it added.
REC has also proposed alterations to its Memorandum of Association in order to explore funding opportunities in other areas outside the power sector, such as infrastructure projects such as road, railways, ports, bridges, and gas pipelines. It would also enable it to finance projects in energy conservation, waste heat recovery systems, e-mobility and associated infrastructure.