India's REC invites bids to raise 5 bln rupees via commercial paper

MUMBAI, June 25 Tue Jun 25, 2013 5:07am EDT

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MUMBAI, June 25 (Reuters) - India's Rural Electrification Corp Ltd has invited bids on Wednesday to raise 5 billion rupees ($83.64 million) through 80-days commercial paper, two sources with direct knowledge of the deal said.

The bond sale by the state-run power financing company is rated A1+ by CARE, they said.

($1 = 59.7775 Indian rupees) (Reporting by Archana Narayanan; Editing by Sunil Nair)