State-owned non-banking finance firm REC Ltd board on Thursday approved Rs 1,20,000 crore market borrowing programme for 2023-24 in its meeting.

“Board of Directors of REC Ltd in its meeting held on March 9, 2023, inter-alia approved the market borrowing programme under different debt instruments for the financial year 2023-24,” a BSE filing stated.

REC will borrow Rs 1,20,000 crore from the market during 2023-24, which includes various types of bonds and loans (Rs 1,05,000 crore), short-term loans (Rs 10,000 crore) and commercial papers (Rs 5,000 crore), it added.

The proposed borrowing programme for the financial year 2023-24 will be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions, it stated.

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