State-owned REC has raised USD 1,175 million from a consortium of seven banks.

In a landmark transaction, REC Limited (REC) efficiently raised USD 1,175 million from a consortium of seven banks because the Mandated Lead Arrangers and Bookrunners (MLABs), a press release mentioned.

According to the assertion, that is the only largest syndicated mortgage raised within the International Bank Loan market by any Indian NBFC.

The deal, benchmarked to USD LIBOR, was anchored by seven Indian and International banks, particularly Axis Bank, Bank of Baroda, Bank of India, Canara Bank, DBS, MUFG and SMBC, it said.

The deal will likely be launched within the Asian Loan Syndication market shortly to seize curiosity from the broader investor neighborhood.

The proceeds from this facility will likely be utilised to fund infrastructure energy sector initiatives as permitted beneath the ECB tips of the Reserve Bank of India.

Sanjay Malhotra, Chairman and Managing Director of REC, mentioned, This ECB represents REC’s efforts in diversifying its sources of borrowings at aggressive pricing whereas remaining engaging to the Indian and International lenders. We are happy with the overwhelming response of banks to this ECB, which is the biggest ever offshore Term Loan facility for any Indian NBFC.

(PTI)


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