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India's REC plans to raise 10 bln rupees via commercial paper
August 5, 2013 / 8:29 AM / 4 years ago

India's REC plans to raise 10 bln rupees via commercial paper

MUMBAI, Aug 5 (Reuters) - India’s Rural Electrification Corp Ltd (REC) plans to raise 10 billion rupees ($164.18 million) through 1 year commercial paper at 10.15 percent, two sources with direct knowledge of the deal said on Monday.

The sale would be REC’s first debt fundraising deal since the Reserve Bank of India unveiled cash-draining measures on July 15, sending yields surging.

The CP sale by the state-run power financing company is rated “A1-plus” by CARE.

The firm had previously invited bids in late July to raise funds via 80-day commercial paper but did not issue the debt due to the high rates being quoted, dealers said.

$1 = 60.9100 Indian rupees Reporting by Archana Narayanan; Editing by Rafael Nam

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