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REC tax-free infra bonds

Infrastructure Finance
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December 1, 2011December 1, 2011
REC tax-free infra bonds

Rural Electrification Corporation (REC) plans to raise up to Rs 500 crore through tax-free retail bonds in the last week of December. REC plans to raise about Rs 28,000-30,000 crore in this financial year. Out of the total target, around Rs 7,500 crore, or $1.5 billion, would be mopped up from international markets. The power finance firm has already raised $300 million at 7.30 per cent from overseas and is aiming to raise another $1.2 billion subject to approval from the Reserve Bank of India and its administrative ministry.

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