REC Ltd. on Wednesday announced that its board of directors has approved a borrowing plan totalling Rs 1.7 lakh crore for the financial year 2025-26.
This borrowing plan includes raising Rs 1.55 lakh crore via various options like domestic bonds, capital gain tax exempted bonds, rupee term loans from financial institutions and banks as well as external commercial borrowing, according to the company's exchange filing.
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Of the remaining, the state-owned company will raise Rs 10,000 crore via short term loans and Rs 5,000 crore through commercial papers.
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The disclosure added that the funds "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 competent authority", according to the powers delegated in this regard by the board of directors.
The board has also accepted the appointment of Parminder Chopra as the company's additional director. The chairman and managing director of Power Finance Corp. will join the board of REC in the capacity of CMD, additional charge, from March 21, 2025.
Shares of REC Ltd. closed 3.88% lower at Rs 425.40 apiece on the BSE, compared to a 0.93% decline in the benchmark Sensex.
—With PTI inputs
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