Rural Electrification Corporation to raise $500 million

Rural Electrification Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on November 29, 2010, has approved a proposal for Foreign Currency Borrowings not exceeding US $ 500 Million under Approval Route, by way of Issuing Unsecured Senior US $ denominated Bonds (the "Notes") under Regulation S of the U.S. Securities Act, 1933, in the International Capital Markets, in accordance with the Master Circular dated July 01, 2010 issued by the Reserve Bank of India (RBI) on External Commercial Borrowings (ECB). These Notes are proposed to be listed at Singapore Stock Exchange or such other foreign Stock Exchanges as deemed fit by the Company.

The stock closed the day at Rs.319.50, up by Rs.3.70 or 1.17%. The stock hit an intraday high of Rs.322.50 and low of Rs.310.75.

The total traded quantity was 1.86 lakhs compared to 2 week average of 2.39 lakhs.

Source : Equity Bulls

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