REC sets sights on rs 6k crore through bond issuance

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INVC NEWS
New Delhi : Rural Electrification Corporation Limited (REC) is planning to raise up to Rs 6 thousand crore through two maturity bonds. The company plans to raise Rs 3,500 crore in the first bond, which includes an option to approve additional subscriptions of up to Rs 2,500 crore and will mature after ten years and 17 days on May 31, 2034. It plans to raise an additional Rs 3,500 crore by re-issuing 6.90 per cent bonds dated March 31, 2031.

The company has invited bids for this on coming Friday. The NCD has been given the highest credit rating of AAA by ICRA and CRISIL with a stable outlook. The company has fixed May 14 as the payment date when investors will have to pay money to the issuer in exchange for the bonds.

The National Stock Exchange (NSE) has inducted former TCS MD and CEO Rajesh Gopinathan and Justice Abhilasha Kumari on its board of directors as Public Interest Directors (PIDs). Abhilasha Kumari is the retired Chief Justice of Manipur High Court. Both the appointments are for three years. The market regulator had approved these appointments in late April. With these appointments, the board of the exchange now has six members, including four PIDs and one non-independent director.

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