State-run Rural Electrification Corporation (REC) has looked for its investor’s approval in the stock market index to raise its overall borrowing cutoff to Rs 3.5 lakh crore from existing Rs 2 lakh crore. The organization at its annual general meeting booked on September 25 would look for a vote on changing the name of the organization to REC Ltd.
The net measure of obtaining of the organization as on March 31, 2018, was Rs 1,98,791 crore and a sum of Rs 60,000 crore is probably going to be acquired amid 2018-19 for lending activities. REC is in the Finance – Term Lending Institutions sector. The present market capitalization views at Rs 23,600.27 crore.
The notice for AGM on September 25 stated, “The projected level of obtaining amid 2018-19 is probably going to surpass the by and by endorsed constrain. In this way, the assent of the Members is looked for expanding the borrowing limit from Rs 200,000 crore to Rs 3,50,000 crore to cover encourage necessity of borrowing.”
In another proposal of the stock market index, the organization said that considering that ‘REC’ has turned into a brand name and is perceived by the public in India and abroad, it is proposed to change the name of the organization from “Rural Electrification Corporation Limited” to “REC Limited”.
It is additionally proposed through an extraordinary resolution to approve the Board to contract/make the charge on steady as well as mobile properties of the Company, both present, and future, for anchoring advance up to Rs 3,50,000 crore.
It stated, “In everyday interactions, discussions, correspondence with statutory bodies, borrowers, lenders, financial specialists and other stakeholders, the Company is ordinarily utilizing shortened names “REC” and “RECL” and these names are very much perceived over the business and market, as per the report of Moneycontrol. Further, the logo of the Company enlisted in the stock market index with the Trade Marks Registry is additionally containing “REC”.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]