Mumbai, Rural Electrification Corporation (REC) plans to raise over Rs 37,000 crore this fiscal through various instruments, a top company official said today."We will raise over Rs 37,000 crore from both domestic as well as overseas markets. We may look at various instruments like bonds, ECBs, etc," REC chairman and managing director Rajeev Sharma told reporters here today.
The company is already planning to raise Rs 5,000 crore through issue of tax-free bonds. The bond issue, carrying coupon rate ranging from 8.01 per cent to 8.46 per cent on per annum basis, will open tomorrow and close on September 23. REC is issuing tax-free bonds with a face value of Rs 1,000.
This tranche issue is for an amount of Rs 1,000 crore with an option to retain over-subscription up to Rs 2,500 crore aggregating up to Rs 3,500 crore (tranche 1) and a shelf limit of Rs 5,000 crore by issuance of bonds in one or more tranches.
"The tranche 1 bonds carry a coupon rate of 8.01 per cent for series 1 bonds, 8.46 per cent for series 2 bonds and 8.37 per cent for series 3 bonds on per annum basis. The bonds will be listed on the BSE," REC GM (Finance) Rakesh Arora said. The Tribune .