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Rural Electrification Corp seeks to raise FII stake
India's state-run lender Rural Electrification Corp (REC) is seeking central bank approval to raise foreign institutional investor (FII) stake in the company to 35 percent from 24 percent, REC's head of finance H.D. Khunteta said on Wednesday.
India's state-run lender Rural Electrification Corp (REC) is seeking central bank approval to raise foreign institutional investor (FII) stake in the company to 35 percent from 24 percent, REC's head of finance H.D. Khunteta said on Wednesday, Reuters reported.
It hopes to get the approval by the end of September, he added.
Recently at its 41 annual general meeting, REC MD had said that the company would take a call into the banking foray by the 30 of September.
REC is looking at floating a subsidiary to apply for banking license. However it will take a final call on whether to apply for banking license by the end of this month.
The company may look at partnership with foreign player for banking. It may also look at option of picking up equity in power companies
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