REC To Raise $500 Million Through Global Medium Term Note Programme

State-owned REC Ltd on Monday said it will raise $500 million under its $10 billion global medium term note programme. According to a filing, these notes represent direct, unconditional and unsecured obligations of the company and will rank pari passu among themselves and all other unsecured obligations of the company.

"REC under its $10 billion Global Medium Term Note Programme, has priced $500 Million, 4.75% Notes, on Sept. 23,2024," a BSE filing stated. These notes will be listed on Global Securities Market of India International Exchange Ltd (India INX) and NSE IFSC.

The net proceeds from the issue of these notes will be applied to finance, in whole or in part, the eligible green projects, in each case in accordance with the REC Ltd. Green Finance Framework and the External Commercial Borrowings guidelines and directions of, and the approvals granted by, the Reserve Bank of India from time to time.