REC plans to raise up to Rs 5,000 cr

State-run Rural Electrification Corp ( REC ) is planning to raise up to Rs 5,000 crore by through tax-free bonds in the current fiscal.

"...Company (REC) shall make public issue(s) of bonds for an amount aggregating up to Rs 5,000 crore in one or multiple tranches in the fiscal 2013," according to draft prospectus filed with Sebi.

The power sector lender intends to issue non-convertible bonds of Rs 1,000 each.
REC said that tenure of the bonds could be 10 or 15 years.

AK Capital Services, Enam Securities , ICICI Securities , Kotak Mahindra Bank and SBI Capital Markets are acting as lead managers to the issue.

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