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REC board approves Rs 1.55 trillion bond plan, to strike off Rajgarh III SPV

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REC Ltd has announced two major decisions following its board meeting held on June 4, 2025. First, the company plans to raise to Rs 1.55 trillion through private placement of unsecured or secured non-convertible debentures or bonds. This fundraising, subject to shareholder approval, will take place over the next year in one or more tranches, with clearances from the competent authority. Second, REC has proposed striking off “Rajgarh III Power Transmission Ltd,” a wholly owned…

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Azure Power secures REC and HSBC refinancing, completes early bond prepayment

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Azure Power Global Ltd, a leading renewable power producer in India, has completed an Rs 24 billion refinancing transaction structured as an INR Term Loan underwritten solely by REC Ltd.  This transaction enabled the company to prepay its $350 million Green Bonds, originally issued in 2019, which were set to mature in December 2024. These bonds were backed by 10 solar projects commissioned between 2016 and 2019. Previously, Azure Power completed an Rs 13 billion…