REC Limited raises $500 mn

REC Limited has priced US$ 500,000,000, 2.25 per cent Notes due 2026, on 22nd February, 2021 under its USD 7 billion Global Medium Term Note Programme (the "Notes"). The Notes will mature on 1st September, 2026 and all principal and interest payments will be made in U.S. Dollars. The settlement date for the Notes is expected to be 1st March, 2021.

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 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 applied for lending to the power sector in accordance with the External Commercial Borrowings Regulations and directions of the Reserve Bank of India.

Shares of REC Ltd was last trading in BSE at Rs.139.95 as compared to the previous close of Rs. 139.85. The total number of shares traded during the day was 539031 in over 2283 trades.

The stock hit an intraday high of Rs. 142.3 and intraday low of 138.6. The net turnover during the day was Rs. 75558197.

Source : Equity Bulls

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