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Dear Saharanpuri,
REC Bonds are going to list ONLY on BSE. If you compare the traded price of PFC Bonds which are listed only on BSE with the traded price of NHAI Bonds which are listed on NSE & BSE, you can easily find out that PFC Bonds trade about Rs.10-12 lower than NHAI Bonds even though interest rate and period of both the bonds are same. If we apply the same logic to IRFC and REC Bonds which have nearly same interest rate, REC Bonds may list at discount as IRFC bonds are trading at par. Ofcourse, there will be some positive effect of 0.75% CRR cut and some more positive effect of Repo rate cut (if it happens on 15/3/12). But still, I think the listing gain may not be much.