REC Limited plans to raise up to Rs6,000 crore on Thursday through two series of non-convertible debentures maturing on October 31, 2028 and October 31, 2036, each with a base size of Rs500 crore and greenshoe option of Rs2,500 crore, carrying annual interest and rated AAA/Stable by CARE Ratings, CRISIL, ICRA and India Ratings.

REC Limited will issue India's first tokenised corporate bonds in September in a pilot worth less than Rs 5 billion, according to three sources, with issuance and settlement recorded on blockchain and purchases made using India's central bank digital currency. The offering, to be unveiled at a Mumbai financial technology event, will be limited to a select group of investors and will test instant settlement alongside India's markets regulator and central bank.

Morgan Stanley downgraded REC Limited to equal weight from overweight and cut its target price by 16% to Rs 360, citing Q1 FY27 loan growth slowing to 1% year-on-year from 10% a year earlier. The brokerage cut REC's core EPS estimates by 5% for FY28 and 7% for FY29, noting weak growth versus system and power sector credit expansion and limited scope for recovery-led earnings upgrades.