REC Ltd. Board approves borrowing limit of Rs 1.6 lakh crore

 The Board members of the State-owned REC Ltd on Wednesday approved an overall borrowing limit of Rs 1,60,000 crore for 2024-25. The board members after the meeting have approved a borrowing limit of Rs 1.6 lakh crore, including Rs 1,45,000 bonds and term loans, Rs 5000 crore of short-term loans along with Rs 10,000 crore of commercial papers as per REC  filing on exchange.

Funds under the proposed borrowing program for 2024-25 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position, and prevailing market conditions, with the approval of the Competent Authority, the filing stated.

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 The company plans to borrow ?5,000 crores through short-term loans from banks, financial institutions, and NBFCs, excluding loans of less than six months, an overdraft facility, or any other arrangement of a similar nature.

The Board has also approved the amendment in 'Policy on Criteria for Determining Materiality of Events or Information for Disclosure to Stock Exchanges', under Regulation 30 of the SEBI.

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