REC zooms on inking MoU with PNB to co-finance infrastructure project debts
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REC is currently trading at Rs. 280.95, up by 13.65 points or 5.11% from its previous closing of Rs. 267.30 on the BSE.
The scrip opened at Rs. 268.05 and has touched a high and low of Rs. 281.50 and Rs. 267.50 respectively. So far 942934 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. 282.25 and Rs. 247.85 respectively. The current market cap of the company is Rs. 74006.76 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 signed a memorandum of understanding (MoU) with Punjab National Bank (PNB) to jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement. REC and PNB will associate with each other to co-finance loans amounting to Rs 55,000 crore over the next three years.
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.
