REC board approves Rs85,000 crore borrowing plan for 2022-23

22 Mar 2022 , 10:15 AM

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

The total borrowing plan approved by the board on Monday is for Rs85,000 crore for 2022-23.

The company has planned to raise Rs75,000 crore through issuance of bonds, term loans and external commercial borrowings.

Further, It will also raise up Rs5,000 crore through short term loan from banks/FIs/NBFCs etc. The company has also planned to raise Rs5,000 crore through commercial papers.

“The funds under the said market borrowing programme will actually be raised, from time to time, during the financial year 2022-23, with the approval of competent authority as per powers delegated in this regard”, by the Board of Directors in the said meeting.

At around 10:18 AM, REC was trading at Rs124.10 apiece down by Rs0.55 or 0.44% on the BSE.