Shares of REC shine on raising USD 1.15 billion from six banks in August

In August, REC raised USD 1.15 billion in two tranches from a partnership of six banks. The loan proceeds will be used to support power, infrastructure, and logistics sector projects as authorised under the Reserve Bank of India’s ECB criteria. The funds were collected under REC’s Rs 1.20 lakh crore Market Borrowing Programme for 2023-24.

Tranche 1 of USD 505 million was raised from Bank of Baroda, Gujarat International Fin Tec-City (GIFT City) IFSC Banking Unit (IBU); Axis Bank, GIFT City IBU and State Bank of India, London Branch on August 3, 2023, while Tranche 2 of USD 645 million was raised from State Bank of India, London Branch; Bank of India, GIFT City IBU; Bank of India, London Branch and HSBC, GIFT City IBU on August 31, 2023. Both tranches taken together saw an aggregate commitment of USD 550 million from GIFT City IBUs.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects sponsored by them.

REC is currently trading at Rs 237.80, up by 3.10 points or 1.32% from its previous closing of Rs 234.70 on the BSE. The scrip opened at Rs 236.45 and touched a high and low of Rs 241.60 and Rs 235.50 respectively. So far 2,29,937 shares have been traded on the counter.

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high of Rs 249.20 and a 52-week low of Rs 91. Last one week high and low of the scrip stood at Rs 244.95 and Rs 230.60, respectively. The current market cap of the company is Rs 61,801.77 crore. The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 33.96% and 13.41%, respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.