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Rural Electrification Corp of India plans to raise $750 million via ECBs

According to reports, REC Ltd on Thursday said it will raise $750 million via external commercial borrowings in 2012-13.

Mr Rajiv Sharma, Chairman of REC, said the company would need approvals from the Ministry of Power and the Reserve Bank of India for the ECB. At the same time, REC targets to raise $1 billion through FCCBs.

The Department of Disinvestment gave its go-ahead for the FCCB on February 2. Now, the nodal Ministry of Power would move a Cabinet note for getting the approval of Cabinet Committee of Economic Affairs. On maturity of this bonds, government holding in the company would come down to 56.74 per cent from 66.8 per cent currently, said Mr H.D. Khunteta, Director (Finance), REC.

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