20-09-2023 12:45 PM | Source: Accord Fintech
REC climbs on tying up debt funding of Rs 3081 crore to Serentica

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REC is currently trading at Rs. 256.10, up by 5.50 points or 2.19% from its previous closing of Rs. 250.60 on the BSE.

The scrip opened at Rs. 248.05 and has touched a high and low of Rs. 256.55 and Rs. 247.85 respectively. So far 601439 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 284.50 on 11-Sep-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. 256.55 and Rs. 239.60 respectively. The current market cap of the company is Rs. 67055.05 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 sanctioned debt funding of more than Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in Gadag district of Karnataka. The loan documentation has been signed and disbursement of funds is being done.

REC, a Maharatna company, has emerged as a frontrunner in catalyzing India's energy transition, in alignment with the nation's COP26 commitments and recent G20 pledges under India’s G20 Presidency. With a resolute vision and unwavering commitment, REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh crore by the fiscal year 2030.

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