Rural Electrification Corp gets board OK to raise up to Rs 30 bln via NCD issue by Mar

New Delhi: Indian state-run power financier Rural Electrification Corp Ltd Thursday said its board has approved raising up to Rs 30 billion through a public issue of tax-free secured redeemable non-convertible bonds with a face value of Rs 1,000 each by March 31, 2012.

The bonds, aggregating to Rs 15 billion has an option to retain over subscription up to a total amount of Rs 30 billion pursuant to the provisions of the applicable statutory guidelines for filing with stock exchanges, Securities and Exchange Board of India (SEBI) and other appropriate authorities, Rural Electrification Corp said in a filing to the bourses.

Earlier this month, media reports had said that the power financier plans to mobilize around Rs 15 billion ($282 million) through 5-year bonds at 9.28%.

Rural Electrification Corp's fiscal third quarter (October-December) net profit rose 15.87% to Rs 7.7 billion from Rs 6.64 billion in the same period a year ago.

Shares of Rural Electrification Corp ended at Rs 241.45 on the Bombay Stock Exchange (BSE) today, up 3.32% from the previous close.

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Rural Electrification Corp Ltd

Rural Electrification Corp Ltd is an India-based company. It is a NAVRATNA Central Public Sector Enterprise under Ministry of Power. The company was established in 1969. It finances and promotes ...

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