REC to issue deep-discount bonds to raise Rs 50 billion in March 2024

The Rural Electrification Corporation (REC) will adopt an uncommon structure to raise Rs 50 billion ($603.2 million) via a private placement of 10-year long deep-discount bonds before the end of March 2024. Bankers anticipate a strong appetite for these bonds, despite their issuance during the last month of the financial year.