REC lists two bonds worth Rs 5,375 crore on stock exchanges

New Delhi, March 1 (SocialNews.XYZ) Government-owned REC Ltd, a leading NBFC under the Ministry of Power, has successfully listed two bonds worth Rs 5,375 crore on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

One bond is worth Rs 2,500 crores and has a 10-year maturity, with a redemption date of February 28, 2034, and yield of 7.47 per cent. The other one is worth Rs 2,875 crores with a maturity period of 3 years plus 2 months, with a redemption date of April 30, 2027 and a yield of 7.64 per cent.

The funds raised through this private placement are not meant for any specific project; therefore, the proceeds of this issue shall be utilized for regular business activities, REC said in a statement.

These bonds are rated IND AAA by IRPL and ICRA AAA by ICRA.

Speaking about the bond-listing, REC chairman Vivek Kumar Dewangan said, "The successful listing of these bonds underscores REC Limited's commitment to innovation and financial prudence. We are dedicated to leveraging these funds to further our mission of empowering India through sustainable power and infrastructure solutions."

REC is a 'Maharatna' Central Public Sector Enterprise and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). It finances the entire power-infrastructure sector comprising generation, transmission, distribution, renewable energy and new technologies like electric vehicles, battery storage, Pumped Storage Projects, Green Hydrogen and Green Ammonia projects.

REC has also recently diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel and Refinery.

Source: IANS