REC Board Proposes Rs 1.45 Lakh Crore Fundraise
The board also approved the appointment of Harsh Baweja as director of finance and chief financial officer of REC.
The board of REC Ltd. has approved the proposal to raise Rs 1.45 lakh crore in one or more tranches. The fundraise is subject to the approval of the shareholders at the ensuing annual general meeting.
The company will raise these funds through the private placement of unsecured or secured non-convertible bonds or through debentures through one or more tranches, an exchange filing said on Friday. The company will raise the funds over a one-year period from the date of the resolution passed by the shareholders.
The board also approved the appointment of Harsh Baweja as director of finance and chief financial officer of REC, with effect from May 14. He has a wealth of experience spanning over three decades and was previously the executive director of finance at the company, it said.
The board also proposed to increase its borrowing limit from the domestic and international markets from $20 billion to $24 billion (Rs 6 lakh crore).
Shares of the company fell as much as 9.75% to Rs 538 apiece, as compared with a 0.19% advance in the NSE Nifty 50.
