REC moves up on getting nod to raise funds up to Rs 1,05,000 crore through private placement

REC is currently trading at Rs. 192.35, up by 4.10 points or 2.18% from its previous closing of Rs. 188.25 on the BSE.


The scrip opened at Rs. 189.05 and has touched a high and low of Rs. 193.90 and Rs. 188.00 respectively. So far 865450 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 193.90 on 28-Jul-2023 and a 52 week low of Rs. 91.00 on 17-Oct-2022.

Last one week high and low of the scrip stood at Rs. 193.90 and Rs. 162.05 respectively. The current market cap of the company is Rs. 50768.56 crore.

The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 33.96% and 13.41% respectively.

REC has received an approval for raising of funds through Private Placement of Unsecured/Secured Non-Convertible Bonds/ Debentures of up to Rs 1,05,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing Annual General Meeting. The Board of Directors of the company in its meeting held on July 26, 2023, approved the same.

The funds will be raised, from time to time, during a period of one year from the date of passing of resolution by the shareholders in the ensuing Annual General Meeting, with the approval of Competent Authority as per the powers delegated in this regard, by the Board of Directors of the Company.

The board also approved the incorporation of nine project-specific special purpose vehicles (SPVs), as wholly owned subsidiaries of REC Power Development & Consultancy (a wholly owned subsidiary of REC), for the selection of successful bidder for implementation of some inter-state transmission projects.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them