Rural Electrification Corp will organise roadshows next month in Singapore and Hong Kong to raise loans to the tune of $300 million.
A top company official said today that roadshows would be held in Singapore and Hong Kong for raising $300-million worth of loans, which will have a term of five years. The roadshows are likely to be held between August 6 and 8.
Lenders including Bank of Tokyo-Mitsubishi UFJ and Mizuho Financial Group have been appointed by the company to raise $300 million through loan syndication, sources said.
According to the official, the company is expected to conduct roadshows for its planned Swiss franc bond issue in mid-August.
The company expects to raise as much $300 million through the bond issue, which would also have a green shoe option. For the same, the mandate has been given to four banks, namely UBS, Credit Suisse, RBS and Deutsche Bank, the sources said.
REC plans to raise around Rs 28,000 to Rs 30,000 crore (over $6 billion) in the current fiscal, out of which about $1.5 billion is expected to be garnered from overseas markets.
In 2010-11, REC recorded a profit of Rs 2,569.92 crore on revenues of Rs 8,256.91 crore.
The company Chairman and Managing Director, Mr H.D. Khunteta, had earlier said the firm expects to clock a growth of 15-20 per cent both in revenue and profit in 2011-12.