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News Topical, Digital Desk : Maharatna company REC Limited has informed about its plan to raise funds. The company has sent the information about raising funds to the stock market after the market closed today. According to the information given by the company, the plan to raise Rs 1.55 lakh crore has been approved in the board meeting held on June 4. Along with this, the company has also approved the proposal to strike off one of its project specific special purpose vehicles.
What information has the company given?
The company has informed that it has approved a proposal to raise up to Rs 1.55 lakh crore through unsecured or secured non-convertible bonds or debentures through private placement. Shareholders' approval will be taken on this in the AGM. Funds can be raised in one or more installments. The amount approved by the shareholders can be raised within a year. According to the March results, the consolidated profit of the company has increased by 5.6 percent to Rs 4309 crore compared to last year. At the same time, net interest income has increased by 38 percent to Rs 5877 crore compared to last year. The company is a CPSU under the Ministry of Power. The company plays an important role in financing projects located in the entire value chain of the power sector.
How was the stock performance? The stock closed at 401 with a slight increase on Wednesday. A year ago the stock was above 450. The stock had recorded a year's highest level of 654 on July 12, 2024. At the same time, on February 28 this year, the stock reached the level of 357.
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