REC to raise Rs 5,000 crore by March '07

State-owned Rural Electrification Corporation plans to raise about Rs 5,000 crore from the market by March 2007.

State-owned Rural Electrification Corporation plans to raise about Rs 5,000 crore from the market by March 2007.

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"We plan to raise about Rs 5,000 crore as debt and from bond issues by March," REC Chairman and Managing Director AK Lakhina said in New Delhi.

The company has already raised Rs 4,500 crore so far this fiscal, he said.

Lakhina said the company would finalise the monthly borrowing schedule by October end or early November for raising the money.

REC had raised about Rs 8,500 crore last fiscal to fund power sector projects, he said.

It is also working to hit the market with an initial public offer by March next year.