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Rural Electrification Corporation (REC) today said it has received shareholder’s nod to raise ₹ 50,000 crore by issuing non-convertible debentures (NCDs).
Shareholders approved the special resolution in the annual general meeting held on September 21,2016, for raising up to ₹ 50,000 crore through issuance of unsecured/secured non-convertible bonds/debentures via private placement during a period of one year from the date of passing of the proposal, the company said in a BSE filing.
Earlier last month, the board of REC had cleared the fund raising plans.
Besides, shareholders also approved the special resolution for increasing the authorised share capital to ₹ 5,000 crore from existing ₹ 1,200 crore.
The proposal for a bonus issue in the ratio of 1:1 to the shareholders was also approved in the AGM.
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