REC gets shareholders' nod to hike overall borrowing limit to Rs 6 lakh cr

State-owned REC Ltd has received shareholders' approval to increase the overall borrowing limit of the company from Rs 4.5 lakh crore to Rs six lakh crore in its 54th annual general meeting held on Wednesday.

''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 also approved a special resolution for raising funds through private placement of unsecured/secured non-convertible bonds/ debentures up to Rs 1,05,000 crore in one or more tranches till September 5, 2024.