In the 54th annual general meeting held on Wednesday, State-owned REC Ltd has received approval from shareholders to increase the overall borrowing limit of the company from Rs. 4.5 lakh crore to Rs. 6 lakh crore.
“All the resolutions as set out in the Notice of 54th AGM, including addendum thereof, have been duly approved & passed by the shareholders with requisite majority,” a BSE filing said.
The 54th AGM of REC Ltd was held on September 6, 2023.
The special resolution to increase the borrowing limit of the REC from Rs 4.5 lakh crore to Rs six lakh crore was listed in the agenda of the AGM.
Besides, the shareholders agreed to a special resolution for the private offering of unsecured/secured non-convertible bonds/debentures up to Rs. 1,05,000 crore in one or more tranches until September 5, 2024, with the goal of raising money.
According to the company filing, total revenue increased by 16% from Rs. 9,506 Cr in Q1 FY23 to Rs. 11,091 Cr in Q1 FY24 and for the same period, net profit increased by 21% from Rs. 2,454 Cr to Rs. 2,968 Cr.
On Friday shares of the company closed 10% up at Rs. 269.90 on NSE.
Financial firm REC Ltd (REC), a division of Power Finance Corp Ltd. It offers state power utilities financial support for generation, transmission, or distribution.
