REC approves increase in borrowing to Rs 1.5 trillion

The Rural Electrification Corporation Limited (REC) has approved a proposal to increase the borrowing to Rs 1.5 trillion from Rs 1.2 trillion for 2023-24. The board of directors have approved the revision under the market borrowing programme under different debt segments with interchangeability among various instruments, including bonds, debentures, term loans, external commercial borrowing, commercial papers etc. on private/public placement basis from Rs 1,200 billion to Rs 1500 billion for 2023-24. Funds under the revised scheme will be raised during 2023-24 with approvals from the authority.