REC board approves Rs 85,000 cr borrowing plan for 2022-23

22 Mar 2022 , 09:05 AM

The board of REC in its meeting held on 21 March 2022, approved the market borrowing programme under different debt segments for the financial year 2022-23.

The total borrowing plan approved by the board is for Rs 85,000 crore for 2022-23.

The company has planned to raise Rs 75,000 through issuance of bonds, term loans and external commercial borrowings.

It will also raise up Rs 5,000 crore through short term loan from banks/FIs/NBFCs etc. The company has also planned to raise Rs 5,000 crore through commercial papers.

REC, a Navratna company under the Ministry of Power, provides financial assistance to the power sector in all segments. It funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings.

On a consolidated basis, net profit of REC rose 22.83% to Rs 2773.44 crore on 10.79% rise in total income to Rs 10,070.42 crore in Q3 December 2021 over Q3 December 2020.

Shares of REC fell 0.91% to settle at Rs 124.65 on Monday.

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