REC board approves fundraise of Rs 1.55 lakh crore via bonds; to strike off Rajgarh III Power Transmission subsidiary
REC Limited's board, in a meeting held on June 4, approved a significant fundraising proposal and a strategic corporate cleanup move. The company announced plans to raise up to Rs 1,55,000 crore through the private placement of unsecured or secured non-convertible bonds/debentures. This capital raise will be carried out in one or more tranches over a period of one year, subject to shareholder approval at the upcoming Annual General Meeting.
The board also approved the proposal to strike off one of its project-specific subsidiaries — Rajgarh III Power Transmission Limited. The subsidiary, incorporated by REC Power Development and Consultancy Limited (RECPDCL) for a transmission project in Madhya Pradesh, is now being dissolved following a de-notification of the project by the Ministry of Power. The move follows a recommendation by the National Committee on Transmission (NCT) to club the project with another, rendering the special purpose vehicle redundant.
The company clarified that the strike-off is subject to necessary statutory and administrative clearances. The Board meeting commenced at 2:00 PM and concluded at 3:40 PM.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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