Rural Electrification Corporation (REC), on Thursday, said its public issue of tax-free bonds aimed at raising up to Rs.4,500 crore would open for subscription on December 3.

The issue will close on December 10.

“Our target is to raise Rs.4,500 crore from the public. It would be first the tax-free bond this fiscal in which the upper investment limit for retail investors has been hiked up to Rs.10 lakh from Rs.5 lakh earlier,” REC Director (Finance) Ajeet Agarwal said. “The proceeds shall be utilised for normal lending operations of REC in the power sector and infrastructure projects to augment resource base of the company,” he said.

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