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India's Rural Electrification plans to raise fund
By siliconindia
New Delhi: India's Rural Electrification plans to raise $1.5 billion through bonds and loans in various currencies in the current financial year.
The increasing demand of power segment has raised the demand for credit, which is driving the profits of companies such as state-run Rural Electrification, which lends to electricity projects in villages. H. D. Khunteta, interim Chairman of the company, said that the company plans to raise $750 million by August, including $200 million in Samurai Bonds and $200 million via bonds denominated in Swiss Francs. They will have an option to retain another up to $100 million if the bonds are oversubscribed.
Khunteta added that they are waiting to get the approval from Reserve Bank of India to raise these bonds. The increase in the rates by the central bank and a cash crunch in the banking system have forced the Indian companies to opt to raise money abroad. Nomura Holdings, Mitsubishi UFJ morgan Stanley Securities company, Deutsche Bank AG and Barclays will manage the Samurai bond issue. They have appointed UBS AG, Credit Suisse Group AG, Deutsche Bank AG and RBS for their issue of bonds denominated in the Swiss Franc.
The company is looking for yen-denominated loans for which they plan to borrow another $300 million from Bank of Tokyo-Mitsubishi UFJ. They have plans to raise 
15 billion through a private placement of bonds with Life Insurance Corporation of India.
15 billion through a private placement of bonds with Life Insurance Corporation of India.
