REC Ltd to Raise USD 500 Million for Green Projects

State-owned REC Ltd announced plans to raise USD 500 million through its Global Medium Term Note Programme. The funds will be used to finance eligible green projects as per the REC Ltd Green Finance Framework and RBI guidelines.

State-owned REC Ltd has announced that it will raise USD 500 million under its USD 10 billion Global Medium Term Note Programme.

According to a recent filing, these notes represent direct, unconditional, and unsecured obligations of the company, and will rank pari passu with other unsecured obligations.

The USD 500 million, 4.75% Notes are scheduled for pricing on September 23, 2024 and will be listed on the Global Securities Market of India International Exchange Ltd (India INX) and NSE IFSC.

The company plans to use the net proceeds to finance eligible green projects, in accordance with the REC Ltd Green Finance Framework and under the guidelines and approvals of the Reserve Bank of India (RBI).

(With inputs from agencies.)