REC, LIC Drop $227M Bond Deal

Rural Electrification Corporation and Life Insurance Corporation of India’s plan to sell $226.9 million of bonds has been called off.

Rural Electrification Corporation (REC) and Life Insurance Corporation of India’s (LIC) plan to sell $226.9 million of bonds has been called off, Reuters reports. The deal was scrapped due to an increase in the repo rate by 50 basis points. REC had aimed to sell 10-years bonds, with the agreement of LIC, at 9.36%. REC is an Indian public Infrastructure finance company that finances and promotes rural electrification projects across the country.

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