REC to raise Rs 12,000 cr by year-end

Mumbai : After mopping Rs 3,800 crore by selling domestic rupee bonds last week, Rural Electrification Corporation (REC) now plans to raise Rs 12,000 crore through similar instruments. The non-banking financial company, one of the biggest lenders to the power sector, closed an issue last Thursday.

We are looking to raise (an additional) Rs 12,000 crore by the year-end," H D Khunteta, chairman and managing director, told Business Standard. The coupon rate for the rupee bonds that the company sold this month was 9.75 per cent, Khunteta said.