RECLTD

March 20 (Reuters) - REC Limited RECM.NS:

• TO HOLD BOARD MEETING ON MARCH 25, 2026 FOR FY2026-27 MARKET BORROWING PROGRAMME

Source text: ID:nBSE5LcX5G

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 16 (Reuters) - REC Limited RECM.NS:

• DECLARES INTERIM DIVIDEND OF 3.20 RUPEES PER SHARE FOR FY2025-26

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;))

MUMBAI, March 12 (Reuters) - India's REC RECM.NS has accepted bids worth 30 billion rupees ($324.92 million) for its five-year bond sale, three bankers said on Thursday.

The firm, however, withdrew its planned two-year issue of a similar quantum after investors demanded higher yields than it was willing to accept, one of the bankers said.

It will pay a coupon of 7.19% for the five-year bond and had invited coupon commitment bids for the issue earlier in the day, they said.

REC did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 12:

*Size includes base plus greenshoe for some issues

($1 = 92.3300 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

((Khushi.malhotra@tr.com, Dharamraj.dhutia@tr.com))

MUMBAI, March 10 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($653.2 million) through the sale of bonds maturing in two years and five years, three bankers said on Tuesday.

The company has invited coupon and commitment bids for the issue on Thursday, they said.

REC did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on March 10:

*Size includes base plus greenshoe for some issues

($1 = 91.8560 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

MUMBAI, Feb 18 (Reuters) - India's REC RECM.NS accepts bids worth 28.35 billion rupees in a sale of bonds maturing in two years, three bankers said on Wednesday.

The company will pay a coupon of 6.95% and had invited commitment bids for the issue earlier in the day, they said.

REC did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 18:

*Size includes base plus greenshoe for some issues

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Ronojoy Mazumdar)

((Dharamraj.dhutia@tr.com, khushi.malhotra@tr.com))

Feb 17 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• FITCH: AFFIRMS POWER FINANCE CORPORATION AND REC LIMITED AT 'BBB-'/STABLE ON MERGER PLAN

Source text: [ID:]

Further company coverage: PWFC.NS

((Reuters.Briefs@thomsonreuters.com;))

MUMBAI, Feb 16 (Reuters) - India's REC RECM.NS plans to raise 30 billion rupees ($330.94 million), including a greenshoe option of 25 billion rupees, through a sale of bonds maturing in two years, three bankers said on Monday.

The company has invited coupon and commitment bids for the issue on Wednesday, they said.

REC did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 16:

*Size includes base plus greenshoe for some issues

($1 = 90.6500 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

((Dharamraj.dhutia@tr.com))

By Dharamraj Dhutia

MUMBAI, Feb 11 (Reuters) - Indian state-run firms plan to raise 175 billion rupees ($1.93 billion) through bonds this week amid expectations that borrowing costs will rise further closer to the fiscal year end.

With sizable supply lined up, investors say the success of the bond sales will hinge on the firms' willingness to accept lower prices.

Corporate bonds have slipped in tandem with government notes, making fundraising expensive for firms and squeezing their margins.

Top-rated state-owned firms, including National Bank for Financing Infrastructure and Development (NaBFID), Housing and Urban Development Corp (HUDCO) HUDC.NS, Small Industries Development Bank of India (SIDBI) and Power Finance Corp, PWFC.NS will issue bonds this week, merchant bankers said.

"The pickup in issuance suggests companies have stopped waiting for borrowing costs to decline and have accepted that yields are unlikely to soften materially in the near term. They are choosing to access the market despite the high rates," said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincap.

The companies did not respond to emails seeking comment.

While NaBFID plans to issue 10-year bonds, HUDCO will issue perpetual bonds with a 10-year call option. SIDBI and PFC will issue notes with maturities of up to five years.

SIDBI and PFC withdrew their shorter-duration bond sales in December after investors sought higher yields. PFC’s issue will be closely watched following a proposed merger with REC.

"While interest exists for such issues, the key determinant will be the pricing," said Nikhil Aggarwal, founder & group CEO at Grip Invest, an online bond trading platform.

He noted that PFC's December bond sale was pulled over pricing. With interest rates on hold and the yield curve moving up, investors may demand higher yields.

Bond yields move inversely to prices.

LSEG benchmark 'AAA'-rated corporate bond yields are higher compared to the end of December, though they have retreated from recent highs hit immediately after India's federal budget earlier this month.

Investors expect the central bank to hold rates, and alongside higher government borrowing, rising inflation expectations and liquidity uncertainty, that is reinforcing a "higher-for-longer" rate view, Srinivasan said.

($1 = 90.5480 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

** UBS says merger proposal of Indian power financiers PFC PWFC.NS and REC RECM.NS positive, but awaits more clarity on process

** Brokerage estimates for every 9 shares of REC, 8 shares of PFC would be offered; government stake could fall to 42% vs 56% in PFC

** Believes post merger, entity could see better margins and pricing power given larger overlap in customer base - UBS

** Adds, given that PFC, REC depend on implicit government support for cost of funds, continued support will be critical

** PFC and REC trim initial losses; last down 0.4% and 2.8%, respectively

** YTD, PFC up ~18%, REC up 1.7%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Updates with more details, background throughout

Feb 6 (Reuters) - India's Power Finance Corporation PWFC.NS said on Friday its board had approved an in-principle merger with REC RECM.NS, a move that will create a large power financier in Asia's third-largest economy.

Finance Minister Nirmala Sitharaman on Sunday announced the restructuring of the two companies during her budget address. The merger comes at a time when India's clean energy ambitions are growing.

As of December-end, PFC had a loan book of 11.51 trillion rupees ($127 billion) while REC had a loan book of 5.82 trillion rupees.

PFC owns a 52.63% stake in REC, which the government held before 2018. New Delhi had a 56% stake in PFC as of December-end, exchange data showed.

For the nine months to December, more than three-fourths of PFC's loans were for conventional power generation, as well as transmission and distribution sectors.

PFC shares ended 1% higher on Friday, valuing the company at 1.38 trillion rupees. REC closed 2.5% down, valuing it at 981.14 billion rupees.

Since the budget on Sunday, PFC's stock has gained 5.8% while REC's has climbed 2.3%.

($1 = 90.6430 Indian rupees)

(Reporting by Hritam Mukherjee and Nandan Mandayam in Bengaluru; Editing by Shreya Biswas)

((mailto: hritam.mukherjee@thomsonreuters.com; @MukherjeeHritam;))

Feb 3 (Reuters) - REC Limited RECM.NS:

• CLARIFIES ON REPORT "GOVERNMENT CONSIDERING MERGER OF STATE-RUN ENTITIES PFC AND REC"

• COMPANY IS NOT ENGAGED IN ANY SUCH DISCUSSIONS OR NEGOTIATIONS

Source text: ID:nBSE1rKKRv

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;;))

Corrects headline and second bullet point to say budget proposes restructuring of PFC and REC, not power finance sector

** Indian power finance stocks PFC and REC rise between 3.5% and 5%

** Indian Finance Minister Nirmala Sitharaman announced the restructuring of Power Finance Corporation PWFC.NS and Rural Electric Corporation RECM.NS in the fiscal 2027 budget

** REC Ltd shares up 3.6% and Power Finance Corp Ltd up 4.1%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

Jan 29 (Reuters) - REC Limited RECM.NS:

• REC DEC-QUARTER CONSOL NET PROFIT 40.52 BILLION RUPEES

• REC DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 150.18 BILLION RUPEES

• REC- DECLARES DIVIDEND OF 4.60 RUPEES PER SHARE

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;))

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Dec 5 (Reuters) - A rate cut and easy monetary policy guidance by India's central bank lifted bonds on Friday, triggering $2.7 billion of issuance from state-run companies and lenders, bankers said.

Four state-run firms - REC RECM.NS, Housing and Urban Development Corp HUDC.NS, Power Finance Corp PWFC.NS and NTPC NTPC.NS - and two state-run lenders Indian Bank INBA.NS and Bank of India BOI.NS will raise an aggregate of 240 billion rupees (about $2.7 billion) in the next two weeks, the bankers said.

The Reserve Bank of India cut its key repo rate by 25 basis points and left the door open for further easing as it boosted banking system liquidity by $16 billion in the next two weeks.

This pushed the 10-year government bond yield down 2-3 basis points and 15-to-40 year yields down 7-8 bps, boosting appetite for long-term corporate bonds, the supply of which has been low.

"With policy clarity and a steady rate environment, many long-term investors are keen to lock in yields and diversify duration. As a result, well-rated public sector issuers are likely to see robust appetite for their upcoming bond placements," Vineet Agrawal, co-founder of Jiraaf, a bond trading platform, said.

Indian firms have raised 10.07 trillion rupees through bonds in January-November, and supply for 2025 is set to hit a record.

PFC will aim to raise 35 billion rupees through 15-year bonds, while NTPC could raise 30 billion rupees through 10-year or 15-year papers, the bankers, who declined to be named as they are not authorised to speak to media, said.

HUDCO and REC are likely to raise up to 50 billion rupees each through 10-year deep-discount bonds, they said.

Bank of India aims to raise 30 billion rupees, while Indian Bank will look to raise 50 billion rupees through Basel III-compliant tier II bonds, according to the bankers.

The firms did not reply to Reuters' emails seeking comment.

Bankers said that with the trajectory of yields seen downwards, insurance companies are expected to participate strongly in bidding for these AAA-rated papers.

"We continue to see room for an additional 25-basis-point repo rate cut," said Sachin Bajaj, executive vice president and chief investment officer at Axis Max Life Insurance.

($1 = 89.9480 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Dharamraj.Dhutia@thomsonreuters.com;))

Oct 17 (Reuters) - REC Limited RECM.NS:

• SEPT-QUARTER CONSOL NET PROFIT 44.15 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 151.53 BILLION RUPEES

• DECLARATION OF 2ND INTERIM DIVIDEND AT 4.60 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;;))

July 7 (Reuters) - REC Limited RECM.NS:

• REC - UMRED POWER TRANSMISSION, SAKOLI POWER TRANSMISSION INCORPORATED AS SUBSIDIARY OF RECPDCL

Source text: ID:nBSE9T6BML

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;))

By Dharamraj Dhutia

MUMBAI, June 16 (Reuters) - Three Indian state-run companies are likely to delay raising funds through deep-discount zero-coupon bonds as investor appetite has weakened, three merchant bankers said.

State-run Indian Railway Finance Corp INID.NS, Housing and Urban Development Corp HUDC.NS and REC RECM.NS were set to test the market but have been advised by their bankers to hold off, they said.

"We have advised companies to wait for at least two to three months, because under the current scenario, there is no appetite for these bonds," one of the bankers said.

The bankers requested anonymity as they are not authorised to speak to media. None of the companies replied to Reuters' emails seeking comment.

Deep-discount bonds are typically issued at a discount of over 20%-25% to their face value and do not pay interest.

Last Monday, Power Finance Corp was forced to withdraw its planned deep-discount bond issue for the second time in under six weeks due to weak demand.

"The recent pickup in yields and escalating geopolitical situation in the Middle East will further sway investors away from these instruments for the time being," said Umesh Khandelwal, chief business officer at bond arranger Tipsons Group.

Refinitiv benchmark AAA-rated 10-year corporate bond yield has risen nearly 20 basis points since the central bank changed its policy stance to "neutral" from "accommodative" on June 6.

Market participants have highlighted concerns of excess supply as the Indian government has approved issuance of such bonds worth 495 billion rupees ($5.6 billion) and more state-run companies are expected to get the go-ahead. The firms have to raise these funds by March 2027.

A lack of liquidity in the secondary market and losses faced by investors of an issuance by REC are also acting as deterrents, traders said.

In September 2024, REC raised 50 billion rupees through deep-discount bonds at a yield of 6.25%.

Companies that have received approval to issue deep-discount bonds:

($1 = 86.0400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, June 11 (Reuters) - India's REC RECM.NS has accepted bids worth 49.23 billion rupees ($575.7 million) for bonds maturing in one year and 10 months and in four years and seven months, three merchant bankers said on Friday.

The state-run company has invited coupon and commitment bids for both the issues on Wednesday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 11:

*Size includes base plus greenshoe for some issues

($1 = 85.5070 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

((Dharamraj.dhutia@tr.com))

MUMBAI, June 6 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($583.4 million), which includes a greenshoe option of 50 billion rupees, selling bonds maturing in one year and 10 months and in four years and seven months, three merchant bankers said on Friday.

The state-run company has invited coupon and commitment bids for both the issues on Wednesday, they said.

Here is the list of deals reported so far on June 6:

*Size includes base plus greenshoe for some issues

($1 = 85.7000 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

Updates with outlook on demand

By Dharamraj Dhutia

MUMBAI, June 5 (Reuters) - India's Power Finance Corp (PFC) PWFC.NS is planning to raise funds through the sale of zero-coupon, deep-discount bonds for the second time in five weeks, but with a reduced size, merchant bankers said.

The state-owned non-banking financial firm aims to raise 20 billion rupees ($233 million), including a greenshoe option of 15 billion rupees, through bonds maturing in 10 years and one month and has invited bids from bankers and investors on June 9.

The company did not reply to a Reuters email seeking comment.

In April, PFC was forced to shelve its planned bond issue to raise 35 billion rupees, including a greenshoe option of 29 billion rupees, after weak investor appetite led to unattractive pricing.

The cutoff at the base size would have been 6.54%, while that for the full size would have worked out to 6.90%, merchant bankers had said.

Meanwhile, another state-run financial company, REC RECM.NS, received approval for a fundraise through deep-discount bonds for a second time in less than a year.

It has until March 2027 to raise up to 50 billion rupees ($581.7 million) through the sale of zero-coupon, deep-discount bonds (ZCB), with a tenor of 10 years and six months.

Deep-discount bonds, a rarely used corporate debt structure, are issued at a steep discount - often more than 20%-25% off face value - and don't pay regular interest, similar to zero-coupon notes, eliminating reinvestment risk.

Instead, investors get their returns on investment when the bonds are redeemed at face value at maturity.

REC had raised 50 billion rupees through ZCB at a yield of 6.25% in September 2024.

DEMAND SCENARIO

While the previous issue of PFC had to be shelved due to weak demand, merchant bankers do not expect a similar fate this time around.

"The company must have already spoken to some large investors that would place bids, and also the quantum is smaller this time, so we think it should go through," a banker said.

Still, traders anticipate PFC will have to pay more than what REC had paid last year.

($1 = 85.8310 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy and Mrigank Dhaniwala)

((Dharamraj.Dhutia@thomsonreuters.com;))

June 4 (Reuters) - REC Limited RECM.NS:

• REC LIMITED - PROPOSES RAISING FUNDS UP TO 1.55 TRILLION RUPEES

• REC LIMITED - TO STRIKE OFF RAJGARH III POWER TRANSMISSION

Source text: ID:nBSE1DHSDb

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;))

MUMBAI, May 19 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($702.5 million), which includes a greenshoe option of 50 billion rupees, selling bonds maturing in two years and eight months, and in 10 years and 11 months, three merchant bankers said on Monday.

The state-run company has invited coupon and commitment bids for both issues on Wednesday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on May 19:

*Size includes base plus greenshoe for some issues

($1 = 85.4050 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

((Dharamraj.dhutia@tr.com))

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, April 30 (Reuters) - India's Power Finance Corp (PFC) PWFC.NS was forced to shelve its plan to raise funds through zero-coupon, deep-discount bonds after weak investor appetite led to unattractive pricing, merchant bankers said on Wednesday.

The state-run company had plans to raise 35 billion rupees ($414.3 million), which included 29 billion rupees of a greenshoe option, through bonds with a maturity of 10 years and one month.

The company received bids worth only around 58 billion rupees, a stark difference from the large bids that fellow state-run firm REC RECM.NS had received in September for a similar structured bond issue.

The cutoff at the base size would have been 6.54%, while that for the full size would have worked out to 6.90%, bankers added.

"There was hardly any difference between the yield for a regular bond and the zero-coupon bond, and hence it did not make much sense for the company to accept bids at such levels," a banker with a brokerage said.

Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.

"Since there is expected to be a lot of supply of such notes this year, investors were not chasing the auction, while broader caution with regard to the outlook for long-term yields also weighed," another banker said.

In March, PFC received the government's approval to raise up to 100 billion rupees through this rarely used corporate bond structure.

HUDCO got clearance earlier this month to raise 50 billion rupees for such an issuance, while half a dozen other companies have also approached the government for similar approvals.

In September, REC had raised 50 billion rupees through such an issue at a yield of 6.25%.

($1 = 84.4810 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, April 28 (Reuters) - India's REC RECM.NS has accepted bids worth an aggregate of 50 billion rupees ($587.5 million) for bonds maturing in 5 years and 1 month, and in 10 years and 1 month, three merchant bankers said on Monday.

The state-run company will pay an annual coupon of 6.87% and 6.86% on these issues, respectively, and had invited coupon and commitment bids for both earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 28:

*Size includes base plus greenshoe for some issues

($1 = 85.1120 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Varun H K)

((Khushi.malhotra@tr.com))

MUMBAI, April 24 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($702.4 million), including a greenshoe option of 50 billion rupees, through sale of bonds maturing in five years and one month and in 10 years and one month, three merchant bankers said on Thursday.

The company has invited coupon and commitment bids from bankers and investors on Monday, they said.

REC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 24:

*Size includes base plus greenshoe for some issues

($1 = 85.4200 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

Updates throughout

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.

These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.

REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.

REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.

Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.

The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.

For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.

"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.

Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.

"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.

The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.

HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.

($1 = 85.1780 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, April 8 (Reuters) - India's REC RECM.NS has accepted bids worth an aggregate of 26.25 billion rupees ($305.4 million) for bonds maturing in 15 years, three merchant bankers said on Tuesday.

The company will pay an annual coupon of 7.02% and had invited coupon and commitment bids for both earlier in the day, they said.

REC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 8:

*Size includes base plus greenshoe for some issues

($1 = 85.9650 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Varun H K)

((Khushi.malhotra@tr.com; Dharamraj.dhutia@tr.com))

MUMBAI, April 7 (Reuters) - India's REC RECM.NS plans to raise 30 billion rupees ($349.5 million), which includes 25 billion rupees of a greenshoe option, through the sale of bonds maturing in 15 years, three merchant bankers said on Monday.

The state-run company has invited coupon and commitment bids from bankers and investors for the issue on Tuesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 7:

*Size includes base plus greenshoe for some issues

($1 = 85.8380 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

((Dharamraj.dhutia@tr.com))

March 21 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - PARMINDER CHOPRA ASSIGNED ADDITIONAL CHARGE AS CMD OF REC LIMITED

Source text: ID:nNSE5HRfn6

Further company coverage: PWFC.NS

((Reuters.Briefs@thomsonreuters.com;))

March 19 (Reuters) - REC Limited RECM.NS:

• REC - DIVIDEND 3.6 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: RECM.NS

((reuters.briefs@thomsonreuters.com;))