REC Board Approves Rs One Point Six Trillion Market Borrowings For FY27

27 Mar 2026 CW Team

REC Ltd's board approved market borrowings of Rs one point six trillion (tn) for the fiscal year 2026-27 at a meeting on March 25. The approval, disclosed in a regulatory filing, set out the planned quantum and the instruments through which the company intends to raise funds. The total corresponds to Rs 160,000 crore according to the filing. The regulatory filing did not provide detailed terms or a firm timetable for the issues.

The filing indicated that the programme envisages raising up to Rs one point four trillion through the issuance of capital gains tax exemption bonds, domestic debentures, rupee term loans and external commercial borrowings. The market borrowings also envisage raising up to Rs 100 billion (bn) each from short-term loans and commercial paper. The mix of instruments is intended to tap both domestic and international investor pools. Short-term loans and commercial paper are intended to provide temporary liquidity and bridge funding.

The board decision reflects a plan to secure wholesale funding to support the firm’s lending activities and manage its liability profile over the coming fiscal. The reliance on a mix of tax-exempt bonds, debentures and external borrowings was presented as a way to diversify funding sources and align maturities with asset profiles. The structure is intended to preserve liquidity while responding to market conditions. The company will monitor market conditions to optimise timing of each tranche.

REC Ltd is state owned and the board meeting approved the borrowing envelope in line with its annual financing plans. Final terms and timing will be subject to market conditions and requisite approvals from regulators and lenders. The company will proceed with issuances as per its financing strategy and operational requirements. The board authorisation forms part of its routine funding approvals for the fiscal year.

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