REC board okays Rs 60K Cr borrowing plan for next fiscal
State-run Rural Electrification Corp (REC) today said its board has approved a Rs 60,000 crore borrowing plan for the next fiscal.
"The Board of Directors of REC, in its Meeting held on March 22, 2018, inter-alia approved the Market Borrowing Programme under different debt segments for the financial year 2018-19, for an amount of Rs 60,000 crore," an REC statement said today.
The funds under the Market Borrowing Programme will actually be raised from time to time during the financial year 2018-19.
The board also approved the proposal for raising funds through issue of Capital Gains Tax Exemption Bonds (Series XII) under Section 54EC of the Income Tax Act, 1961, on private placement basis for an amount of Rs 1,000 crore with green shoe option to retain over subscription, it added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.