Rural Electrification Corporation’s (REC) board will consider a proposal to raise up to Rs.70,000 crore, through issuance of non-convertible debentures on private placement basis.

As per the regulatory filing made by the company, its board of directors in a meeting scheduled on July 25 will “consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs.70,000 crore, in one or more tranches.”

Furthermore, the company will also seek shareholders’ approval for the proposal in the upcoming Annual General Meeting temporarily scheduled to be held on September 25.

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