Rural Electrification Corporation (REC) has received shareholders' approval to raise up to Rs 65,000 crore via bonds over the next one year. The special resolution was passed at the company's annual general meeting held on September 18, 2017. The resolution was passed with 93.6 percent votes in favour of the proposal. The funds would be raised in one or more tranches.
The shareholders have also approved the special resolution for the company to enter into related party transactions. This will allow the company to enter into contracts/ arrangements or transactions with its arm, Energy Efficiency Services (EESL) or any other associate company in the next one year.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.