INSUBCONTINENT EXCLUSIVE:
New Delhi: REC n Friday said it has raised USD 500 million (about Rs 3,550 crore) by issuing unsecured notes, and the proceeds would be used
for lending to power sector.
"REC Ltd has issued USD 500,000,000, 3.50 per cent notes due 2024, on December 05, 2019
The notes will mature on December 12, 2024 and all principal and interest payments will be made in US Dollars," the state-run company said
in a BSE filing.
The settlement date for the notes is expected to be December 12, 2019, it added.
The notes represent direct, unconditional
and unsecured obligations of the issuer and will rank pari passu among themselves and all other unsecured obligations of the issuer.
The
notes will be listed on the London Stock Exchange's International Securities Market (ISM), Singapore Exchange (SGX-ST), India International
Exchange (India INX) and NSE IFSC, the filing said.
The net proceeds from the sale of the notes will be applied for lending to power sector,