REC

MUMBAI, Sept 11 (Reuters) - India's REC RECM.NS accepted bids worth 70 billion rupees ($731.38 million) in a sale of bonds maturing in 10 years and 14 days and five years and 14 days, three bankers said on Friday.

REC will pay a coupon of 7.73% on the 10-year note and 7.67% on the five-year bonds, bankers said, and had invited commitment bids for the issue earlier in the day.

The five-year note will carry a put option after three years, one of the bankers said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 11:

*Size includes base plus greenshoe for some issues

($1 = 95.7100 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected], [email protected]))

MUMBAI, Sept 10 (Reuters) - India's REC RECM.NS plans to raise up to 70 billion rupees ($735.00 million), including a greenshoe option of 57 billion rupees, via a sale of bonds maturing in 10 years and 14 days and five years and 14 days, three bankers said on Thursday.

The five-year note will carry a put option after three years, one bankers said.

REC has invited coupon and commitment bids for the issue on Friday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 10:

*Size includes base plus greenshoe for some issues

($1 = 95.2375 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia)

(([email protected], [email protected]))

REC Limited completed a ₹500 crore pilot issue of tokenized corporate bonds, described as India’s first under the Securities and Exchange Board of India’s regulatory sandbox framework. The issue comprised a ₹100 crore base offering and a ₹400 crore green-shoe option, drew bids of ₹796 crore, and was accepted at a 7.30% annual coupon for one year and nine months. The bonds were settled, allotted and listed on NSE and BSE on the same day using a tokenized process. REC’s recent funding activity also included private-placement NCD issues of ₹3,000 crore in March 2026 and ₹2,835 crore in February, while its loan book was about ₹5.9 lakh crore.

Powered by Tijori

-- Source link: https://tinyurl.com/3eke4c4v

-- Note: Reuters has not verified this story and does not vouch for its accuracy

(([email protected]))

MUMBAI, Aug 27 (Reuters) - India's REC RECM.NS accepted bids worth 25.02 billion rupees ($262.00 million) in a sale of bonds maturing in 10 years and two months, while it withdrew the issue of a two-year note due to higher-than-expected cut-off yields, three bankers said on Thursday.

The company will pay a coupon of 7.57% on the 10-year note and had invited commitment bids for the issues earlier in the day, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 27:

*Size includes base plus greenshoe for some issues

($1 = 95.4975 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]m))

MUMBAI, Aug 24 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($626.66 million), which includes a greenshoe option of 50 billion rupees through the sale of bonds maturing in two year and two months and in 10 year and two months, three bankers said on Monday.

The state-run company has invited coupon and commitment bids for the issues on Thursday, they said.

The company did not reply to an email seeking comment.

Here is the list of deals reported so far on August 24:

* Size includes base plus greenshoe for some issues

($1 = 95.7450 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

(([email protected]))

Aug 21 (Reuters) - REC Ltd RECM.NS:

• UNIT TRANSFERRED ENTIRE SHAREHOLDING OF LUHRI POWER TRANSMISSION TO TERRALIGHT SOLAR ENERGY

Further company coverage: RECM.NS

(([email protected];;))

** State-owned power finance companies, Power Finance Corp PWFC.NS and REC RECM.NS shares fall about 2.3% each with PWFC sliding to a near five-month low and a three-month low

** Drop after Morgan Stanley downgrades the companies to "equal-weight" from "overweight"

** Cuts PWFC's price target to 410 rupees from 510 rupees; lowest among 15 analysts tracking the stock with an average "buy" rating

** Slashes RECM's PT to 360 rupees from 430 rupees, also a Street-low among 14 analysts with an average "buy"

** Says PWFC and RECM loan growth has moderated sharply, while system and bank credit to the power sector has accelerated

** Adds growth disconnect for PWFC and RECM has been greater than it estimated and cuts earnings per share estimates for the financial year 2028 and 2029

** PWFC shares are up 2.7% and RECM is down 8% in 2026 so far, according to exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

MUMBAI, Aug 7 (Reuters) - India's REC RECM.NS has accepted bids worth 63.46 billion rupees ($666.19 million) for bonds maturing in three years and 20 days and in 15 years and 20 days, three bankers said on Friday.

The state-run company has accepted bids worth 30 billion rupees on the shorter duration papers and 33.46 billion rupees on the longer duration bonds and will pay an annual coupon of 7.28% and 7.49% respectively.

REC had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

REC confirmed the developments over an email.

Here is the list of deals reported so far on August 7:

*Size includes base plus greenshoe for some issues

($1 = 95.2575 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected]))

MUMBAI, Aug 5 (Reuters) - India's REC RECM.NS plans to raise up to 70 billion rupees ($735.27 million), including a greenshoe option of 57 billion rupees, through a sale of bonds maturing in three years and 20 days and 15 years and 20 days, three bankers said on Wednesday.

It has invited coupon and commitment bids for the issue on Friday, they said.

REC did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 5:

*Size includes base plus greenshoe for some issues

($1 = 95.2025 Indian rupees)

(Reporting by Dharamraj Dhutia, Khushi Malhotra)

(([email protected], [email protected]))

July 30 (Reuters) - REC Ltd RECM.NS:

• REC - UNIT TRANSFERS RYAPTE POWER TRANSMISSION SHARES WORTH 108.7 MILLION RUPEES TO TATA POWER

Source text: ID:nNSE6x5t7v

Further company coverage: RECM.NS

(([email protected];;))

July 24 (Reuters) - REC Ltd RECM.NS:

• REC - DECLARES 1ST INTERIM DIVIDEND OF 4.25 RUPEES PER SHARE FOR FY 2026-27

• REC JUNE-QUARTER CONSOL NET PROFIT 41.93 BILLION RUPEES

• REC JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 144.35 BILLION RUPEES

Source text: ID:nBSE3NTsfG

Further company coverage: RECM.NS

(([email protected];))

MUMBAI, July 15 (Reuters) - India's REC RECM.NS accepted bids worth 29.19 billion rupees ($303.34 million) for the sale of bonds maturing in nearly five years, three bankers said on Wednesday.

The company will pay a coupon of 7.30% and had invited commitment bids from bankers and investors earlier in the day, they said.

REC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 15:

*Size includes base plus greenshoe for some issues

($1 = 96.2300 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

(([email protected], [email protected]))

MUMBAI, July 14 (Reuters) - India's REC RECM.NS plans to raise 30 billion rupees ($313.74 million) through a sale of bonds maturing in nearly five years, three bankers said on Tuesday.

The company has invited coupon and commitment bids from bankers and investors on Wednesday, they said.

REC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 14:

*Size includes base plus greenshoe for some issues

($1 = 95.6200 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

Adds story tag; no changes to text

** Shares of Power Finance Corporation PWFC.NS fall 1.8% to 424.85 rupees

** Boards of PWFC and REC RECM.NS approved merger of REC into PWFC

** PWFC to issue 88 shares for every 100 shares held in RECM

** Co said merger shall create a financing entity with an aggregate loan book of over 11 trln rupees ($116.56 bln)

** YTD, PWFC up about 20% and RECM up around 2%

($1 = 94.3725 Indian rupees)

(Reporting by Vijay Malkar in Bengaluru)

(([email protected]; +91 8097833031;))

REC Ltd’s board approved the scheme of merger by absorption into Power Finance Corporation Ltd, setting a share exchange ratio of 88 PFC shares for every 100 REC shares, the company said on Monday. The all-stock deal, which values REC at a discount to PFC, would dissolve the state-run lender without winding up. PFC, which already holds a 52.63% stake in REC, will issue new equity to the remaining shareholders as on a record date to be fixed later. The board also authorized raising up to ₹1,40,000 crore through private placement of non-convertible bonds, subject to shareholder nod at the annual general meeting. The scheme, designed to create a dominant power-sector financier with a combined balance sheet, will next be filed with stock exchanges to obtain a no-objection letter before approaching the National Company Law Tribunal.

Powered by Tijori

MUMBAI, June 25 (Reuters) - India's REC RECM.NS accepted a total of 54.95 billion rupees ($581.77 million) in bids for the reissue of 7.46% June 2028 bonds and a sale of five-year bonds, three bankers said on Thursday.

It will offer a yield of 7.10% for the 2028 reissue and pay a coupon of 7.17% for the five-year note and had invited commitment bids for the issue earlier in the day, they said.

REC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 25:

*Size includes base plus greenshoe for some issues

($1 = 94.4525 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected], [email protected]))

MUMBAI, June 23 (Reuters) - India's REC RECM.NS plans to raise up to 60 billion rupees ($633.46 million), including a greenshoe option of 50 billion rupees, through the sale of bonds maturing in five years and one day, and through the reissue of 7.46% June 2028 bonds, three bankers said on Tuesday.

It has invited coupon and commitment bids for the issue on Thursday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 23:

*Size includes base plus greenshoe for some issues

($1 = 94.7175 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected]))

MUMBAI, June 16 (Reuters) - India's REC RECM.NS has accepted bids worth 40 billion rupees ($422.5 million) for bonds maturing in 10 years, three bankers said on Tuesday.

It will pay an annual coupon of 7.46%, and had invited coupon and commitment bids for the issue earlier in the day, they said.

REC confirmed the debt issue over an email.

Here is the list of deals reported so far on June 16:

*Size includes base plus greenshoe for some issues

($1 = 94.6650 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Varun H K)

(([email protected]))

MUMBAI, June 15 (Reuters) - India's REC RECM.NS plans to raise up to 40 billion rupees ($422.10 million), including a greenshoe option of 32 billion rupees, through a sale of bonds maturing in 10 years, three bankers said on Monday.

It has invited coupon and commitment bids for the issue on Tuesday, they said.

REC did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 15:

*Size includes base plus greenshoe for some issues

($1 = 94.7650 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

(([email protected], [email protected]))

REC Ltd has secured presidential approval for its proposed merger into Power Finance Corporation Ltd, the company disclosed on Wednesday. The Ministry of Power conveyed the competent authority's approval, clearing a key regulatory hurdle for the consolidation. REC's board had reserved the proposal for the president's nod on May 16, 2026. The merger will combine two of India's largest state-run power sector lenders, creating an NBFC with combined assets of over ₹10 lakh crore. The share exchange ratio will be determined by valuers, and further approvals from shareholders and other regulators are still required.

Powered by Tijori

June 10 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - PRESIDENTIAL APPROVAL FOR PROPOSED MERGER OF REC LIMITED INTO PFC

Source text: ID:nBSE2cGnWz

Further company coverage: PWFC.NS

(([email protected];))

MUMBAI, June 8 (Reuters) - India's REC RECM.NS accepted bids worth 30 billion rupees ($313.46 million) in a sale of bonds maturing in two years and nearly nine months, three bankers said on Monday.

The state-run company will pay a coupon of 7.38% and had invited commitment bids for the issue earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far June 8:

*Size includes base plus greenshoe for some issues

($1 = 95.7075 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

(([email protected], [email protected]))

MUMBAI, June 4 (Reuters) - India's REC RECM.NS plans to raise 30 billion Indian rupees ($313.48 million), including a greenshoe option of 25 billion rupees through the sale of bonds maturing in two years and nearly nine months, three bankers said on Thursday.

The state-run company has invited coupon and commitment bids for the issue on Monday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 4:

*Size includes base plus greenshoe for some issues

($1 = 95.7000 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)

(([email protected]))

By Dharamraj Dhutia

MUMBAI, May 29 (Reuters) - Two Indian state-run financial institutions are set to tap the floating-rate bond market, seeking to raise as much as 80 billion rupees ($842 million) via debt sales before the central bank's policy decision, three sources aware of the matter said on Friday.

REC may raise 30 billion to 50 billion rupees, while Small Industries Development Bank of India (SIDBI) may raise 30 billion rupees through bonds maturing in about three years.

Both companies have generally relied on fixed-rate bonds. REC has yet to issue bonds this financial year, while SIDBI has raised around 30 billion rupees through bonds maturing in three years and three months at 7.61% coupon.

"The companies have already started the talks and negotiations for the spread that they could offer over the underlying benchmark, which in this case is the three-month treasury bills," one of the sources said.

"SIDBI is eyeing around 130-140 bps over T-bills, while REC is aiming for 150-160 bps, but the levels are not yet finalised," the source added.

The sources requested anonymity as they are not authorised to speak to the media.

The companies did not reply to Reuters emails seeking comment.

Coupons for such floating-rate bonds are priced at a spread over three-month Treasury bill yields and reset quarterly.

When rate hikes are expected, these bonds become more attractive for both issuers and investors, as companies can borrow at a lower initial cost, while investors benefit from returns that could rise over time, without reinvestment risk.

Earlier this month, Cholamandalam Investment, Muthoot Finance, Tata Capital, Mahindra & Mahindra Financial Services, HDB Financial Services, 360 One Prime, and ICICI Home Finance Co were among the major issuers of such notes.

Bets that the Reserve Bank of India will raise interest rates as early as next week or in August have strengthened, with inflation expected to rise amid persistently high oil prices stemming from the Iran war.

India's overnight index swap rates have surged, with the one-year swap now pricing in around 100 bps of rate hikes over the next 12 months.

($1 = 95.0000 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)

(([email protected];))

** Shares of India's REC RECM.NS fall as much as 4.7%, last down 3.19% to 364.15 rupees,

** Co's Q4 profit dropped 21.7% y/y to 33.75 billion Indian rupees ($356.05 million); revenue dropped 5% YoY

** Macquarie ("Outperform"; TP:455 rupees) says quarterly profit missed estimates due to higher operating expenses, sharp rise in credit costs; loan growth remained subdued at ~3% y/y

** UBS ("Buy"; TP:490 rupees) says loan growth and disbursements were weak in quarter, while higher provisions lifted credit costs and weighed on earnings

** RECM rated "buy" on average by 14 analysts, median Pt at 455 rupees -- data compiled by LSEG

** YTD stock down 5.33%

($1 = 94.7900 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

April 28 (Reuters) - REC Ltd RECM.NS:

• REC Q4 CONSOL NET PROFIT 33.75 BILLION RUPEES

• REC Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 145.64 BILLION RUPEES

• REC - DIVIDEND 1.55 RUPEES PER SHARE

Further company coverage: RECM.NS

(([email protected];))

April 15 (Reuters) - REC Ltd RECM.NS:

• REC - APPROVED APPOINTMENT OF RAJESH KUMAR AS CHIEF FINANCIAL OFFICER

Source text: ID:nBSEcwSHy

Further company coverage: RECM.NS

(([email protected];;))

March 20 (Reuters) - REC Limited RECM.NS:

• TO HOLD BOARD MEETING ON MARCH 25, 2026 FOR FY2026-27 MARKET BORROWING PROGRAMME

Source text: ID:nBSE5LcX5G

Further company coverage: RECM.NS

(([email protected];;))

March 16 (Reuters) - REC Limited RECM.NS:

• DECLARES INTERIM DIVIDEND OF 3.20 RUPEES PER SHARE FOR FY2025-26

Further company coverage: RECM.NS

(([email protected];))