New Delhi: Indian state-run power projects financier Rural Electrification Corp Ltd plans to raise Rs 300 billion in debt from domestic and overseas markets in the current financial year 2012-13, Chairman and Managing Director Rajeev Sharma said Thursday.
The company will raise the capital via issue of various instruments like tax-free bonds and external commercial borrowings (ECBs), Sharma told reporters.
The power financier is awaiting Union Cabinet's approval to raise $1 billion by issuing foreign currency convertible bonds (FCCBs), while it is awaiting the Reserve Bank of India's (RBI) nod to raise $750 million via ECBs, he said.
Further, Rural Electrification Corp expects to raise Rs 50 billion capital via issue of tax-free bonds, he added.
The company posted a 8.91% net profit jump to Rs 7.6 billion in the fourth quarter (Jan-Mar) of the last fiscal 2011-12 from Rs 7 billion in the same period a year ago on the back of higher income.
Shares of Rural Electrification Corp Thursday ended at Rs 171.9 on the Bombay Stock Exchange, up 1.27% from the previous close.
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