State-owned REC Ltd on Wednesday said it has raised USD 400 million (around Rs 2,986 crore) by issuing bonds to finance the power sector. The bonds have been issued under the company’s USD 7 billion Global Medium Term Note Programme, it said in a BSE filing. The notes (bonds) will mature on January 13, 2027 and all principal and interest payments will be made in US dollars. The settlement date for the notes is expected to be July 13, 2021.
The notes will be listed on London Stock Exchange’s International Securities Market (ISM), Singapore Exchange (SGX-ST), Global Securities Market of India International Exchange (India INX) and NSE IFSC.
The net proceeds from the sale of the notes will be used for lending to the power sector in accordance with the External Commercial Borrowing regulations, guidelines and directions of the Reserve Bank of India, it said.