State run Rural Electrification Corp(REC), has got an approval from shareholder’s for raising Rs. 65,000 crore through bonds over a period of next one year.
In a regulatory filing REC stated,that the was resolution passed at company’s AGM which was held on September 18,2017. The resolution was passed after getting a majority of 93.6% votes in favor of the proposal.
The funds will be raised through private placement of unsecured/secured non-convertible bonds/debentures upto Rs.65,000 crore.
The proposal will allow company to enter into contracts with its arm, Energy Efficiency Services Ltd(EESL) or any other associate company in next one year.