REC plans $1-bn ECB

Aug 06, 2010 - Age Correspondent |

New Delhi

REC, which has a borrowing programme of raising Rs 28,000 crores in the financial year 2010-11, plans to diversify its investor base to tap international market at a competitive rate. REC has planned to raise external commercial borrowing (ECB) of $1 billion from the international market. In view of this, mandate was given to Bank of

Tokyo Mitsubishi UFJ (BTMU) and State Bank of India for raising the ECB under Syndicated Term Loan of $200 million with Greenshoe Option to upsize to $400 million in case of over subscription.
As per the international practice and as advised by BTMU and the SBI, Road Shows were organised for showcasing REC to investors in the international market. The road show and one-on-one meeting with the potential investors were organised in Tokyo, Hong Kong and Singapore.

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