REC shines on raising $1.15 billion from 6 banks in August
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REC is currently trading at Rs. 237.80, up by 3.10 points or 1.32% from its previous closing of Rs. 234.70 on the BSE.
The scrip opened at Rs. 236.45 and has touched a high and low of Rs. 241.60 and Rs. 235.50 respectively. So far 229937 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 249.20 on 30-Aug-2023 and a 52 week low of Rs. 91.00 on 17-Oct-2022.
Last one week high and low of the scrip stood at Rs. 244.95 and Rs. 230.60 respectively. The current market cap of the company is Rs. 61801.77 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 33.96% and 13.41% respectively.
REC has raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. The funds have been raised under REC’s Market Borrowing Programme of Rs 1.20 lakh crore for 2023-24.
Tranche 1 of $505 million was raised from Bank of Baroda, Gujarat International Fin Tec-City (GIFT City) IFSC Banking Unit (IBU); Axis Bank, GIFT City IBU and State Bank of India, London Branch on August 3, 2023, while Tranche 2 of $645 million was raised from State Bank of India, London Branch; Bank of India, GIFT City IBU; Bank of India, London Branch and HSBC, GIFT City IBU on August 31, 2023. Both tranches taken together saw an aggregate commitment of $550 million from GIFT City IBUs.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
