3,773 crore in the July-September quarter of the current financial year. The company posted its highest quarterly profit of Rs. REC Limited has a loan book of close to Rs. That would be at least 100 basis points or a percentage point lower than if it were to borrow in US dollars given that yields in that country are at multi-year highs. It could raise funds for as low as 6.5% interest cost including the cost of currency hedging if its first attempt at a Yen bond sale is successful. While that does not qualify as a sweet spot for Yen investors, they could derive comfort from the fact that company’s shareholders are government of India-owned entities. REC Limited’s rating of BBB- is just a notch above junk and mirror’s India’s sovereign rating. REC Limited, Asset Management One and Nissay had not responded to ET’s queries until publication of this report.