REC Seeks Shareholders Nod to Raise up to Rs 42,000 Crore

New Delhi: State-run Rural Electrification Corp has sought shareholders' approval to raise Rs 42,000 crore through issuance of bonds or debentures on private placement basis in its annual general meeting next month.
  "It is proposed to pass a Special Resolution 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," Rural Electrification Corp has said in a BSE filing today.
  According to the statement, 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 will table a special resolution to raise the amount of Rs 42,000 crore through bonds in its Annual General Meeting on September 16.
  Shares of the company closed at Rs 253.60 down 0.18 per cent on BSE.