Question : From a consortium of how many banks has REC Ltd raised 1,175 million dollar recently ?
a. Seven
b. Six
c. Five
d. None of the above
Ans. a.
Related facts —
- REC on January 2022 said it raised $1,175 million from a consortium of seven banks in the single largest syndicated loan raised in the international bank loan market by any Indian NBFC.
- LIBOR(London Interbank Offer Rate), is the global reference rate for unsecured short-term borrowing in the interbank market and above mentioned deal, benchmarked to USD LIBOR, was anchored by seven Indian and international banks.
- These banks are — Axis Bank, Bank of Baroda, Bank of India, Canara Bank, DBS, MUFG and SMBC.
- The deal will be launched in the Asian loan syndication market shortly to capture interest from a wider investor community.
- The proceeds from this facility shall be utilised to fund infrastructure power sector projects as permitted under the ECB guidelines of the RBI.
By – Pankaj Pandey