Investors force REC to pay up for bond waiver

Dollars
By Morgan Davis
14 Mar 2019

Investors have challenged REC’s proposed waiver to a change of control clause, forcing the borrower to pay up more to get the consent it needed.

The Indian government is set to sell its majority stake in the company to another state-owned electricity company, Power Finance Corp, in a deal that is scheduled to close at the end of March. That would have triggered a change of control put in REC’s outstanding bonds, allowing ...

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