REC to raise Rs 30K cr this fiscal

NEW DELHI, May 24: State-owned Rural Electrification Corp will raise Rs 30,000 crore during the current financial year, 2012-13, a top official said today.
“Our target for the current fiscal is Rs 30,000 core, through a mix of instruments, ECBs, FCCBs, infrastructure bonds etc,” REC Chairman and Managing Director Rajiv Sharma told reporters here.
The company would raise USD 750 million through external commercial borrowings (ECBs) and USD 1 billion via Foreign Currency Convertible Bonds (FCCBs).
The FCCBs would be raised subject to approval from the government, Sharma said.
REC sanctions loans to state electricity boards, power utilities, state governments across India. (PTI)

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