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REC to raise Rs300 bn in FY10

REC to raise Rs300 bn in FY10
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First Published: Thu, May 21 2009. 05 02 PM IST
Updated: Thu, May 21 2009. 05 02 PM IST
New Delhi: Rural Electrification Corp (REC) plans to raise about Rs300 billion in the fiscal year 2009/10, but is still to finalize the fund-raising instruments, an official said on Thursday.
On Wednesday, the state-run company that finances rural electrification projects opened a Rs15 billion bond issue.
“We don’t see any difficulty in raising the resources. We have the approval for $500 million ECB (external commercial borrowings) also.” the company’s finance director HD Khunteta told Reuters.
The company has raised Rs10 billion in the current fiscal through commercial paper and collected Rs3 billion on the first day of its new bond issue, he added.
Besides, REC has also secured loans worth €140 million from Germany’s KfW and about $150 million from (JBIC) Japan Bank for International Cooperation), he added.
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First Published: Thu, May 21 2009. 05 02 PM IST
More Topics: REC | Funds | Finance | Borrowing | Electricity |