REC Board Approves Foreign Borrowing Limit Increase to USD 24 Billion
May 31, 2024 19:35
REC Ltd has increased its foreign currency borrowing limit to USD 24 billion, while retaining its INR borrowing limit at Rs 6 lakh crore. The company also approved raising funds through private placement of bonds and appointed Harsh Baweja as CFO.
Illustration: Dominic Xavier/Rediff.com
New Delhi, May 31 (PTI) State-owned REC Ltd on Friday said its board has approved raising the borrowing limit in foreign currency to USD 24 billion form USD 20 billion.
The overall borrowing limit in Indian rupees was however retained at Rs 6 lakh crore, the company said in an exchange filing.
The board of directors at its meeting held on Friday approved "proposal of retaining the overall borrowing limit of the company in INR at Rs 6,00,000 crore and increase the borrowing limit in any foreign currency equivalent from USD 20 billion to USD 24 billion..."
The board also approved raising up to Rs 1,45,000 crore through private placement of unsecured/secured non-convertible bonds/debentures.
The funds will be raised, in one or more tranches, from time to time, during one year from the date of passing of resolution by the shareholders in the ensuing annual general meeting.
Besides, it approved appointment of Harsh Baweja as Director (Finance) (Additional Director) and Chief Financial Officer of REC with effect from May 14, 2024.
REC, under Ministry of Power, is a non-banking finance company, public financial institution, and infrastructure financing company.
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