REC Power Finance Corporation

But cumulative dues remain at a high of Rs 1.13 trillion

The state-run financer for generators and distributors is struggling under a record debt burden even as it is being asked to underwrite the government's latest scheme to rescue inefficient discoms

State-owned REC will seek shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures next month.

Project involves setting up 16 new sub-stations and strengthening existing power supply network

REC has sanctioned another Rs 3,300 crore for Andhra Pradesh, Rs 2,000 crore for Punjab and Rs 2,032 crore for Rajasthan.

PFC and REC can separately lend up to 25 per cent of their net worth to a single borrower/ project, and lending to a group borrower could be 40 per cent, PFC informed the BSE

After the merger, the new entity will be required to reduce its exposure in a project to 25 per cent which may not be feasible

Looking at resolving 4 more stressed power assets this fiscal