REC LIMITED — Capital/Financing Update 2020

Mar 25, 2020

SEC-1/187(2)/2020/95

Dated: March 25, 2020

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SEC-1/187(2)/2020/95	Dated: March 25, 2020
Listing Department,	Corporate Relationship Department
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, Bandra Kurla Complex,	1stFloor, Phiroze Jeejeebhoy Towers
Bandra(East),Mumbai - 400 051	Dalal Street,Fort,Mumbai - 400001.
Scrip Code-RECLTD	Scrip Code- 532955

Sub: Outcome of Board meeting - Approval/Revision in Market Borrowing Programme and launch of Capital Gain Tax Exemption Bonds.

Dear Sir/Madam,

In compliance with the provisions of Regulation 30 read with Schedule III of SEBI (LODR) Regulations 2015, this is to inform that the Board of Directors of REC Limited, in its Meeting held on March 25, 2020, inter-alia approved the following proposals:-

1. Upward revision in Market Borrowing Programme for Financial year 2019-20 from Rs.90,000 crore to Rs.94,000 crore (i.e. increase of Rs. 4,000 crore in raising funds through Domestic Bonds/Debentures, Rupee Term Loan, ECBs and Capital Gain Tax Exemption Bonds, to be raised during the balance period of the current financial year i.e. FY 2019-20) and approval of Market Borrowing Programme for Financial year 2020-21, as per details given below:

Sl.	Description	Amount (Rs. in crore)	Amount (Rs. in crore)
No.		FY 2019-20	FY 2020-21
		(Revised)
1.	a) Domestic Bonds/ Debentures including Infrastructure, Zero Coupon,
	Perpetual, Subordinate, Inflation Indexed, Tax Free Bonds, Principal
	Protected Bond, Market Linked Debenture, Partly Paid Bonds, Separately
	Transferable Redeemable Principal Parts (STRPP), Staggered Maturity
	Bonds, Cumulative Interest Bonds, Step Up Coupon Bond, Bonds forming
	part of ETF’s or any other Bonds/ Debentures, with/ without interest rate
	swaps/ options with/ without the same being embedded in the Bonds/
	Debentures structure, as may be permitted by the Regulatory Authorities
	from time to time whether Unsecured/ Secured, Non-convertible,
	Redeemable, Taxable/ Tax-free whether on private placement or public	82,000	1,00,000
	issue basis;
	b) Rupee Term Loans from Banks/FIs/NBFCs/Other Institutions etc.,
	c) External Commercial Borrowings (ECBs) including but not limited to
	Foreign Currency Term Loans/ Foreign Currency Bonds/ Rupee Offshore
	Bonds (Masala or any other bonds)/ Green Bonds, etc.; Export Credit
	Assistance (ECAs); Official Development Assistance (ODA) Loans
	(Long/Medium Term); Foreign Currency Convertible Bonds (FCCBs);
	Foreign Currency Non-resident (Bank) [FCNR (B)] Loans; Export ODA
	loans from Banks/FIs/NBFCs/Other Institutions/ Multilateral Funding
	Agencies etc. (excluding rollovers);
	d) CapitalGains Tax Exemption Bonds u/s54ECof Income Tax Act,1961.

Sl.No.	Description	Amount (Rs. in crore)	Amount (Rs. in crore)
		FY 2019-20(Revised)	FY 2020-21
2**.**	Short Term Loan (STL) from Banks/FIs/NBFCs etc. (excludingtemporary loans i.e STL of tenure less than 6 months, WCDL, CCLimit, OD Facility or any other arrangement of similar nature).Short Term Loan from Banks/FIs/NBFCs etc. raised and repaid duringthe financialyear to be excluded from this limit.	8,000	4,000
3.	Commercial PaperCommercial Paper raised and repaid during the financial year to beexcluded from this limit.	4,000	6,000
	TOTAL	94,000	1,10,000

The funds under the Market Borrowing Programme for FY 2020-21 will be raised during the next financial year (i.e. financial year 2020-21), with the approval of competent authority as per powers delegated in this regard, by the Board of Directors in the said Meeting.

1. Launch of Capital Gains Tax Exemption Bonds (Series XIV) under Section 54EC of the Income Tax Act, 1961 for raising of funds on private placement basis for an amount of Rs. 2,500 crore with green shoe option to retain over subscription. The said Bonds are in the nature of secured debentures of face value Rs. 10,000/- each. The said Issue will open on 1[st] April, 2020 and close on 31[st] March, 2021. However, the Company would have a right to pre-close the issue or extend the same at any time.

This is for information and records of the stock exchanges.

Thanking you,

Yours faithfully

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