Rural Electrification Corporation is seeking the Reserve Bank of India’s approval to increase the stake of foreign institutional investors in it to 35% from the current 24%, according to a report.
The report stated that the approval is expected to come by the end of this month.
There are reports that the company may form special purpose vehicle to apply for a banking license and is likely to join by a global bank.
Earlier On July 8, FII holdings in REC were 22%, while overall limit is 24%, says report.