REC raises $1,175 million from consortium of seven banks

REC has successfully raised $1,175 million from a consortium of seven banks as the Mandated Lead Arrangers and Bookrunners (MLABs). This is the single largest syndicated loan raised in the International Bank Loan market by any Indian NBFC. The proceeds from this facility will be utilised to fund infrastructure power sector projects as permitted under the ECB guidelines of the Reserve Bank of India. This ECB represents REC’s efforts in diversifying its sources of borrowings at competitive pricing while remaining attractive to the Indian and International lenders.

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.

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