REC board approves Rs 850 billion market borrowing plan for FY 2022-23

REC Limited’s board has approved Rs 850 billion market borrowing programme under different debt segments for the financial year (FY) 2022-23.

Under the borrowing plan, REC will raise around Rs 750 billion through bonds, rupee term loans from banks and external commercial borrowings. The company will also raise Rs 50 billion via short term loan from financial institutions such as banks and non-banking financial companies (NBFCs).Further, REC will raise another Rs 50 billion via commercial paper. The commercial paper which will be raised and repaid during the financial year will be excluded from this limit. The funds under the market borrowing programme will be raised, from time to time, during the FY 2022-23, with the approval of competent authority.