RECLTD

March 21 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - PARMINDER CHOPRA ASSIGNED ADDITIONAL CHARGE AS CMD OF REC LIMITED

Source text: ID:nNSE5HRfn6

Further company coverage: PWFC.NS

(([email protected];))

March 19 (Reuters) - REC Limited RECM.NS:

• REC - DIVIDEND 3.6 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: RECM.NS

(([email protected];))

MUMBAI, March 17 (Reuters) - India's REC RECM.NS has accepted bids worth an aggregate of 57.80 billion rupees (nearly $666 million) for the sale of bonds maturing in three years and in 10 years, three merchant bankers said on Monday.

The state-run company will pay an annual coupon of 7.44% and 7.32%, respectively, on these issues and had invited coupon and commitment bids for both earlier in the day, they said.

The company confirmed the details of the bond issue on an email.

Here is the list of deals reported so far on March 17:

*Size includes base plus greenshoe for some issues

($1 = 86.8050 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)

(([email protected]))

MUMBAI, March 12 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($687.7 million), including a greenshoe option of 50 billion rupees, through the sale of bonds maturing in three years and 10 years, three merchant bankers said on Wednesday.

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

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

Here is the list of deals reported so far on March 12

*Size includes base plus greenshoe for some issues

($1 = 87.2420 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

(([email protected]))

MUMBAI, Feb 25 (Reuters) - India's REC RECM.NS has accepted bids worth 19.95 billion rupees (nearly $229 million) for the sale of perpetual bonds, three merchant bankers said on Tuesday.

The state-run company will pay an annual coupon of 7.99% and had invited bids from bankers and investors earlier in the day, they said.

The bonds will have a call option at end of 10 years and every year thereafter, with the coupon rising by 50 basis points if the call option is not exercised at the end of the tenth year.

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

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

* Size includes base plus greenshoe for some issues

($1 = 87.1550 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)

(([email protected]))

MUMBAI, Feb 20 (Reuters) - India's REC RECM.NS plans to raise 30 billion rupees ($346.42 million), including a greenshoe option of 25 billion rupees, through the sale of perpetual bonds, three merchant bankers said on Tuesday.

The state-run company has invited bids from bankers and investors on Tuesday, they said.

The bonds will have a call option at end of 10 years, and every year thereafter, and the coupon would be raised by 50 basis points if the call option is not exercised at the end of tenth year.

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

Here is the list of deals reported so far on February 20:

*Size includes base plus greenshoe for some issues

($1 = 86.5990 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected]))

Feb 18 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• UNIT TRANSFERS ENTIRE SHARES OF KHAVDA V-BIB2 POWER TRANSMISSION TO POWER GRID CORP

Source text: ID:nBSE55YXKL

Further company coverage: PGRD.NS

(([email protected];;))

MUMBAI, Feb 11 (Reuters) - India's REC RECM.NS has accepted bids worth 52.80 billion rupees ($608.5 million) for bonds maturing in 15 years and seven days and for the reissue of February 2027 bonds, three merchant bankers said on Tuesday.

The state-run company will pay an annual coupon of 7.28% on the 15-year bond issue and a yield of 7.45% on the reissue, and had invited bids from bankers and investors earlier in the day, they said.

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

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

* Size includes base plus greenshoe for some issues

($1 = 86.7725 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

** Shares of REC RECM.NS climb 3% to 445.50 rupees after Q3 results; last up 1.9%

** Power financier reports 23% Y/Y rise in net profit, rev up about 16%

** CLSA says co is "well-placed" to deliver loan growth of 17% in FY25

** Avg rating on REC and peer Power Finance Corp PWFC.NS equivalent of 'strong buy' - LSEG data

** Stock gained 21.3% in 2024 vs PWFC's 17.2% climb

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Feb 6 (Reuters) - REC Limited RECM.NS:

• REC DEC-QUARTER CONSOL NET PROFIT 40.76 BILLION RUPEES

• REC DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 142.72 BILLION RUPEES

• REC Dividend 4.30 Rupees Per Share

(([email protected];))

MUMBAI, Feb 5 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($686.11 million), which includes a greenshoe option of 50 billion rupees, through a sale of bonds maturing in 15 years and seven days and through reissue of February 2027 bonds, three merchant bankers said on Wednesday.

The state-run company has invited coupon and commitment bids from bankers and investors on Tuesday, they said.

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

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

*Size includes base plus greenshoe for some issues

($1 = 87.4500 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

(([email protected]))

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

• RAJASTHAN PART I POWER TRANSMISSION TRANSFERRED TO ADANI ENERGY SOLUTIONS

• CONSIDERATION INCLUDES 150 MILLION RUPEES PROFESSIONAL FEE, REIMBURSEMENT OF EXPENSES

Source text: ID:nBSE97Yqh6

Further company coverage: RECM.NS

(([email protected];;))

** Shares of Power Finance Corporation PWFC.NS and REC RECM.NS rise as much as 5.6% and 4.9%, respectively

** ICICI Securities resumes coverage on PWFC with "Buy" rating, TP of 550 rupees; initiates coverage of RECM with "Buy" rating, TP of 600 rupees

** Both public sector power financiers to lead the charge in India's energy transition funding, with Central Electricity Authority estimating about 43 trillion rupees ($496.8 bln) of capex towards generation and transmission by 2032 - ICICI Securities

** Brokerage says power financing sector has enough macro tailwinds for the ensuing years in which PWFC and RECM each have ~20% market share

** Sees loan CAGR of ~14% and ~17% over FY24–27 for PWFC and RECM, respectively

** In 2024, PWFC rose 17.2% while RECM gained 21.3%

($1 = 86.5625 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

MUMBAI, Jan 13 (Reuters) - India's REC RECM.NS accepts bids worth 22.97 billion rupees ($265.61 million) for bonds maturing in 10 years, three merchant bankers said on Monday.

REC will pay an annual coupon of 7.20% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

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

Here is the list of deals reported so far on Jan. 13:

*Size includes base plus greenshoe for some issues

($1 = 86.4800 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

(([email protected]))

MUMBAI, Jan 9 (Reuters) - India's REC RECM.NS plans to raise 40 billion rupees ($465.92 million), including a greenshoe option of 33 billion rupees, through the sale of bonds maturing in 10 years, three merchant bankers said on Thursday.

REC has invited coupon and commitment bids from bankers and investors on Monday, they said.

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

Here is the list of deals reported so far on Jan. 9:

*Size includes base plus greenshoe for some issues

($1 = 85.8510 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

** Shares of Power Finance Corporation PWFC.NS and REC RECM.NS rise as much as 3% and 3.6%, respectively

** Emkay Research initiates coverage on both these public sector power financiers with "Buy" rating

** Sets TP of 600 rupees for PWFC, premium of 30.6% over last close; TP of 650 rupees for RECM, premium of 25.4%

** Sees PWFC and RECM well placed to capture debt-funding opportunities as national electricity plan envisages 33 trln rupees ($384.8 bln) capex in the power sector ecosystem over FY23-32

** PWFC and RECM have significantly benefited from resolution of legacy NPAs, which combined with improving cash flows from thermal power plants, positions both cos for enhanced profitability - Emkay

** Sees ~13%/~18% AUM CAGR for PWFC/RECM over FY24-27, along with ~19%/~20% ROE during FY25-27

($1 = 85.7525 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

MUMBAI, Dec 17 (Reuters) - India's REC RECM.NS has accepted bids worth an aggregate of 21.95 billion rupees ($258.50 million) for bonds maturing in 10 years and four months, and a reissue of the December 2039 bonds, three merchant bankers said on Tuesday.

REC has accepted bids worth 16.20 billion rupees on above 10-year bonds at a 7.10% coupon and bids of 5.75 billion rupees on a near 15-year bond reissue at a 7.1494% yield.

The state-run company invited bids from bankers and investors on Tuesday.

"Domestic bonds are integral to REC's broader strategic objectives and have proven to be a vital component of its financial strategy, offering a reliable and efficient means of raising substantial long-term funds," the company said in a statement.

Raising funds through domestic bonds is one of the major sources of REC's funding and is a regular activity, the company added.

Here is the list of deals reported so far on Dec. 17:

*Size includes base plus greenshoe for some issues

($1 = 84.9140 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Abinaya Vijayaraghavan)

(([email protected]))

MUMBAI, Dec 13 (Reuters) - India's REC RECM.NS plans to raise 65 billion rupees ($766.1 million), including a greenshoe option of 53 billion rupees, through sale of multiple tenor bonds, three merchant bankers said on Friday.

REC will issue bonds maturing in 10 years and four months, and reissue December 2039 bonds, and has invited bids from bankers and investors on Tuesday, they said.

The state-run company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 13:

* Size includes base plus greenshoe for some issues

($1 = 84.8450 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Dec 10 (Reuters Breakingviews) - India will have a new central bank boss this week, against market expectations. New Delhi appointed senior bureaucrat Sanjay Malhotra to the role on Monday, a day before the end of incumbent Shaktikanta Das’ term, defying speculation that he would get a second extension. The last-minute decision further complicates the newcomer’s thorny brief.

Malhotra is taking the reins at the Reserve Bank of India at a tricky moment. Growth is stalling in the world’s fifth-largest economy. He'll have to juggle the slowdown while trying to keep inflation within a target of 2-6%. And he'll have to do so amid rising global tensions such as wars in the Middle East and Ukraine, and Donald Trump’s imminent return to the White House.

The U.S. president-elect has threatened BRICS nations with a 100% tariff rate if they challenge dollar supremacy. That jeopardises RBI’s project of increasing trade settlements in the Indian currency. A strong dollar weighing on the rupee makes the central bank’s job harder, especially as India has been on and off the U.S. list of currency manipulators since 2018.

The 26th RBI governor’s profile ought to give some comfort. As the top taxman, he oversaw a revamp of India’s capital gains levies earlier this year. He also led state-backed lender REC RECM.NS, which finances energy projects, for 15 months until February 2022.

The choice of a second straight bureaucrat, rather than an academic or independent economist, also might suggest Prime Minister Narendra Modi's administration is aiming for some stability at the central bank. After all, in addition to Das, his deputy, who leads the monetary policy department, is likely to leave in January. And in October, new appointees took over the three seats on the rate-setting committee assigned to outsiders.

Trouble is, Malhotra’s views on monetary policy are unknown. His current stint at the finance ministry may suggest he's close to the government, which waited until the 11th hour of Das' term - and until just after an interest rate decision that didn't go its way. Such a messy handling of the succession at a key institution like the central bank is far from ideal.

Still, markets initially regarded Das as a yes-man when he started in 2018. That dissipated over his six-year tenure. The way Malhotra was installed means he will have to add overcoming a similar assumption to his long list of challenges.

Follow @ShritamaBose on X

CONTEXT NEWS

India appointed career bureaucrat Sanjay Malhotra as its new central bank governor on Dec. 9 in a surprise move. He succeeds Shaktikanta Das, the longest-serving Reserve Bank of India chief since the 1950s, on Dec. 11.

Currently revenue secretary to the finance ministry, Malhotra has worked in financial services, power, taxation and information technology during his three-decade career.

(Editing by Antony Currie and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

** Power Finance PWFC.NS and REC RECM.NS rise 3.6% and 2%, respectively, leading public sector enterprises index .NIFTYPSE 1% higher

** State-owned PWFC and RECM fell 3.8% and 5% on Thursday, hurt by concerns over exposure from Adani group after U.S. prosecutors indicted Gautam Adani

** "We remain positive on PWFC and RECM and see the recent correction as an enhanced buying opportunity," says Bernstein, which has "outperform" on both stocks

** Says markets' concern seems to be around Solar Energy Corporation of India's tender won by Adani Green ADNA.NS-Azure; power purchase deal signed between 2021 and 2022

** Adds land and solar assets can be used for ADNA's other projects in case deal is terminated

** PWFC up 23% YTD; RECM up 21%, mirroring NIFTYPSE's 23.5% rise

(Reporting by Bharath Rajeswaran in Bengaluru)

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

By Nikunj Ohri

NEW DELHI, Nov 18 (Reuters) - India has revised guidelines for dividend payments, share buybacks and stock splits at state-run companies to improve capital management and bolster performance of their equities.

The government has asked state-run non-banking financial companies (NBFC) to pay a minimum annual dividend of 30% of their profit subject to any present legal provisions, according to guidelines by the federal finance ministry released on Monday.

Dividend payout limits for NBFCs are prescribed by the Reserve Bank of India based on their capital requirement and asset quality. Power Finance Corp PWFC.NS and REC Ltd RECM.NS are the biggest government-owned listed NBFCs.

Except for government-owned banks and insurance companies, all state-run firms government have to pay a dividend of 30% of profits or 4% of net worth, whichever is higher. Presently, public sector companies have to pay an annual dividend of 30% of profit or 5% of net worth, whichever is higher. The guidelines will be applicable from the current financial year ending March 31, 2025.

Firms whose share price is less than its book value for the past six months, have a net worth of 30 billion rupees ($355.51 million) and a cash balance of 15 billion rupees have been asked to consider share buybacks.

Past limits for share buybacks were a net worth of at least 20 billion rupees and cash and bank balance of 10 billion rupees.

The guidelines released on Monday require state-run firms to issue bonus shares if their reserves are 20 times share capital from five times earlier.

State-run firms have also been asked to opt for stock splits in case the share price exceeds 150 times their face value for the last six months from 50 times earlier. Stock splits help in improving trading volumes, making it attractive for retail investors.

($1 = 84.3860 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Anil D'Silva)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Nov 14 (Reuters) - REC Limited RECM.NS:

• UNIT TRANSFERRED ENTIRE SHAREHOLDING OF ERES-XXXIX POWER TRANSMISSION TO TATA POWER COMPANY

• CONSIDERATION COMPRISES PROFESSIONAL FEE OF 150 MILLION RUPEES, REIMBURSEMENT OF EXPENSES

Source text: ID:nBSE4FWbZr

Further company coverage: RECM.NS

(([email protected];;))

Nov 11 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• REC - UNIT TRANSFERRED ENTIRE SHAREHOLDING OF TWO SUBSIDIARIES TO POWER GRID CORPORATION OF INDIA

Source text: ID:nBSE3spq2s

Further company coverage: PGRD.NS

(([email protected];))

MUMBAI, Nov 6 (Reuters) - India's REC RECM.NS has accepted bids worth an aggregate of 59.01 billion rupees ($700.50 million) for bonds maturing in five years, five months and 22 days, and in 15 years and 22 days, three bankers said on Wednesday.

The state-run company will pay an annual coupon of 7.34% and 7.09% on these issues and had invited bids from bankers and investors earlier in the day, the bankers added.

Raising funds through domestic bonds is one of the major sources of REC's funding and is a regular activity, the company said in a statement to Reuters.

"Domestic bonds are integral to REC's broader strategic objectives, and have proven to be a vital component of its financial strategy, offering a reliable and efficient means of raising substantial long-term funds."

Here is the list of deals reported so far on Nov. 6:

*Size includes base plus greenshoe for some issues

($1 = 84.2400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Abinaya Vijayaraghavan)

(([email protected]))

MUMBAI, Nov 4 (Reuters) - India's REC RECM.NS plans to raise 65 billion rupees ($772.8 million), including a greenshoe option of 54 billion rupees, through the sale of bonds maturing in five years, five months and 22 days and in 15 years and 22 days, three bankers said on Monday.

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

REC did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on Nov. 4

*Size includes base plus greenshoe for some issues

($1 = 84.1050 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

(([email protected]))

** Shares of REC Ltd RECM.NS jump 2.3% to 519.65 rupees

** Infrastructure lender's consol net profit grew 6.5% y/y in the Sept quarter, interest income rose 18%

** Analysts' avg rating on stock is "buy", median PT is 680 rupees - LSEG data

** Stock up 26% YTD, outperforming Nifty financial services .NIFTYFIN, up ~12%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Oct 3 (Reuters) - REC Limited RECM.NS:

• Q2 LOAN DISBURSED UP 13.7% Y/Y

Source text for Eikon: ID:nNSEbN5W7j

Further company coverage: RECM.NS

(([email protected];;))

MUMBAI, Sept 30 (Reuters) - India's REC RECM.NS has set a 6.25% yield on zero-coupon deep-discount bonds maturing in 10 years and one month, three bankers said on Monday.

The state-run company had invited bids for the issue earlier in the day and has accepted bids worth 50 billion rupees ($596.9 million).

The bonds have a tax benefit as the long-term capital gains tax on the notes is 12.5%.

Here is the list of deals reported so far on Sept. 30:

*Size includes base plus greenshoe for some issues

($1 = 83.7730 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Sonia Cheema)

(([email protected]))

MUMBAI, Sept 26 (Reuters) - India's REC RECM.NS is planning to raise up to 50 billion rupees ($598 million), including a greenshoe of 40 billion rupees, through zero-coupon bonds maturing in 10 years and 1 month, three bankers said on Thursday.

The state-run company has invited bids for the issue on Monday.

The bonds have a tax benefit as the long-term capital gains tax on the notes is 12.5%.

Here is the list of deals reported so far on Sept. 26:

* Size includes base plus greenshoe for some issues

($1 = 83.6160 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Varun H K)

(([email protected]))

MUMBAI, Sept 24 (Reuters) - India's REC RECM.NS has accepted bids worth $500 million through the sale of five-year dollar-denominated green bonds, two bankers said on Tuesday.

The state-run financier sold these bonds at a spread of 127.5 basis points over similar maturity U.S. Treasury yield, and this was inside the initial guidance of Treasury plus 160 bps.

It will offer a yield of 4.8090% and the proceeds will be used for eligible projects in line with REC's green finance framework.

The notes will be rated Baa3/BBB– (Moody's/Fitch), in line with the issuer's rating.

Barclays Bank, DBS Bank, HSBC, Mizuho, MUFG and Standard Chartered were the joint lead managers for the bond issue.

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected]))