New Delhi, June 4 -- Rural Electrification Corporation (REC), a state-owned firm, informed investors through an exchange filing today that its Board of Directors has approved a proposal to raise funds through the private placement of unsecured/secured non-convertible bonds/debentures of up to Rs.1,55,000 crore, subject to shareholders' approval at the ensuing Annual General Meeting.

The company said the funds will be raised in one or more tranches over a period of one year from the date of the shareholders' resolution, with the approval of the competent authority.

In addition to approving the fundraising plan, the board also approved a proposal to strike off an SPV, namely Rajgarh II Power Transmission Limited, a wholly owned subsidiary...