The Board of REC Ltd on Thursday approved raising up to Rs 1,20,000 crore via debt instruments in FY24. The company will borrow the funds from the market in FY24 under various types of bonds and loans and commercial papers.

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Loans include Rupee term loans (Rs 1,05,000 crore) from banks/FIIs/NBFCs/other institutions; short-term loans (Rs 10,000 crore) from Banks/FIs/NBFCs among others. The company also seeks to raise up to Rs 5,000 crore from the commercial papers.

The state-owned non-banking finance firm in a regulatory filing has said, "Board of Directors of REC Limited in its meeting held on March 9, 2023, inter-alia approved the market borrowing programme under different debt instruments for financial year 2023-24."

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Funds under the proposed borrowing programme for the financial year 2023-24 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions.

Shares of the company closed 1.32 percent higher at Rs 126.30 on the National Stock Exchange today.