REC to raise Rs 30,000 cr debt in FY13

NEW DELHI: State-run Rural Electrification Corp ( REC) on Thursday said its plans to raise Rs 30,000 crore debt in India and overseas.

Company chairman and managing director Rajeev Sharma said the company will raise the funds through issue of different instruments including tax-free bonds and external commercial bonds (ECBs).

The company is awaiting approval of Reserve Bank of India to raise $750 million through issue of ECBs.

It expects to raise about Rs 5000 crore through tax free bonds. Sharma said REC is awaiting Union Cabinet nod for raising $1 billion through issue of foreign currency convertible bonds (FCBBs).

The government's share post the proposed FCCB issue will come down to about 56% from the present 66.80%.