With less than a month for the current financial year to end, Rural Electrification Corporation Ltd's board of directors today approved raising Rs 1,500 crore through tax-free bonds with an option to retain double that amount of oversubscription.
In a communication to the stock exchanges, REC said that its board of directors on March 2 approved the prospectus for the proposed public issue of tax-free secured redeemable non-convertible bonds of face value of Rs 1,000 each, in the nature of debentures, during 2011-12, for Rs 1,500 crore, with an option to retain oversubscription up to an aggregate amount of Rs 3,000 crore, for filing with Office of RoC, NCT of Delhi & Haryana and other appropriate authorities.