REC raises USD 1,175 million from a consortium of seven banks
PTI, Jan 14, 2022, 12:18 PM IST
State-owned REC has raised USD 1,175 million from a consortium of seven banks. In a landmark transaction, REC Limited (REC) successfully raised USD 1,175 million from a consortium of seven banks as the Mandated Lead Arrangers and Bookrunners (MLABs), a statement said. According to the statement, this is the single largest syndicated loan raised in the International Bank Loan market by any Indian NBFC.
The deal, benchmarked to USD LIBOR, was anchored by seven Indian and International banks, namely Axis Bank, Bank of Baroda, Bank of India, Canara Bank, DBS, MUFG and SMBC, it stated. The deal will be launched in the Asian Loan Syndication market shortly to capture interest from the wider investor community.
The proceeds from this facility will be utilised to fund infrastructure power sector projects as permitted under the ECB guidelines of the Reserve Bank of India.
Sanjay Malhotra, Chairman and Managing Director of REC, said, “This ECB represents REC’s efforts in diversifying its sources of borrowings at competitive pricing while remaining attractive to the Indian and International lenders. We are pleased with the overwhelming response of banks to this ECB, which is the largest ever offshore Term Loan facility for any Indian NBFC”.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42
Lohia Auto launches EV brand ‘Youdha’, aims to sell 3 lakh vehicles by 2027
“FM ji FM ji, itna tax main kaise bharun”, asks investor Vijay Kedia in viral post
RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm
Front-running case: Sebi bans 9 entities from market , impounds illegal gains of over Rs 21 crore
MUST WATCH
Latest Additions
Delhi HC denies anticipatory bail to Puja Khedkar in UPSC cheating case
Sindhu marries Venkat Datta at Udaipur in a private ceremony
Tanush Kotian replaces recently retired Ashwin in India’s squad
Newly recruited Meitei, Kuki personnel in Manipur police to be posted together: CM Biren Singh
Today’s Cong is ‘duplicate Congress’ led by ‘fake Gandhis’, claims Union Minister Pralhad Joshi
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.