REC Ltd announces the issuance of USD 500 million in global notes under its USD 10 billion program. The funds will be used to finance eligible green projects, supporting sustainable development.
New Delhi, Sep 24 (PTI) State-owned REC Ltd on Monday said it will raise USD 500 million under its USD 10 billion global medium term note programme.
According to a filing, these notes represent direct, unconditional and unsecured obligations of the company and will rank pari passu among themselves and all other unsecured obligations of the company.
"REC under its USD 10 billion Global Medium Term Note Programme, has priced USD 500 Million, 4.75 per cent Notes, on September 23,2024," a BSE filing stated.
These notes will be listed on Global Securities Market of India International Exchange Ltd (India INX) and NSE IFSC.
The net proceeds from the issue of these notes will be applied to finance, in whole or in part, the eligible green projects, in each case in accordance with the REC Ltd Green Finance Framework and the External Commercial Borrowings guidelines and directions of, and the approvals granted by, the Reserve Bank of India (RBI) from time to time.
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