BUSINESS

Won't downgrade India; Re fall not hurting growth: Moody's

The BAA3 rating that Moody's has on India is itself constrained by wide fiscal deficit, and India is still import dependent in terms of its fuel needs and the recurrent inflationary pressure, all of which are reflected on the rupee level right now. But right now, falling rupee is not hurting the nation as much as investment levels

REC seeks Sebi nod to raise upto Rs 5,000 crore via tax-free bonds

New Delhi: State-run Rural Electrification Corp (REC) has sought market regulator Sebi's approval to raise upto Rs. 5,000 crore through tax-free bonds.

"Public issue by REC of tax free redeemable Non-Convertible Bonds of face value of Rs. 1,000 each...for an amount aggregating upto the shelf limit of Rs. 5,000 crore by way of issuance of bonds in one or more tranches in the fiscal 2014," said the draft prospectus of the company filed with Sebi.