REC Board Approves Hike in Borrowing to Rs 1.5 Lakh Crore for FY24 – News18

State-owned REC Ltd on Thursday mentioned its board has permitted a proposal to enhance borrowing to Rs 1.5 lakh crore from Rs 1.2 lakh crore for 2023-24. The Board of Directors of REC Ltd, in its assembly held on November 30, 2023, permitted revision in its market borrowing programme underneath completely different debt segments with interchangeability amongst varied devices, together with bonds/debentures, time period loans, exterior business borrowing, business papers and so forth. on non-public/public placement foundation from Rs 1,20,000 crore to Rs 1,50,000 crore for 2023-24, the corporate mentioned in a regulatory submitting.

The funds underneath the mentioned revised market borrowing programme might be raised, from time to time, throughout the monetary 12 months 2023-24, with the approval of competent authority as per powers delegated in this regard by the Board of Directors, it added. The board additionally permitted the proposal of fairness funding in Hindustan Power Exchange Ltd (HPX) for an quantity up to Rs 14.25 crore (i.e. up to 19 per cent of the proposed fairness share capital of Rs 75 crore of HPX).

As of now, the paid-up capital is simply Rs 55.25 crore, the submitting mentioned. The price of acquisition is Re one per fairness share (at par).

HPX (previously Pranurja Solutions Ltd) is the brand new-age energy trade in the Indian electrical energy market. It was included on April 24, 2018. It gives a complete market platform for completely different electrical energy merchandise, offering a clear, seamless and strong trade platform for the market contributors. HPX gives a chance for market contributors to transact in probably the most equitable and clear method, giving its clients unmatched person expertise by means of superior know-how and customised worth-added providers.

(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)