REC sets cut-off for bond sale, may raise up to 30 bn rupees

Written by Reuters | Mumbai | Updated: Oct 9 2013, 20:06pm hrs
India's Rural Electrification Corp Ltd (REC) has set the cut-off for its three-year bonds at 9.05 percent and five-year bonds at 9.24 percent, three sources with direct knowledge of the matter said.

The state-run firm may raise as much as 30 billion rupees ($484.9 million) from the bond sale, the sources said.

The company had invited bids on Wednesday to raise at least 3 billion rupees via bonds.

Some Indian companies are rushing to take advantage of a bond rally following a surprise cut in an overnight interest rate on Monday.