The state-run Rural Electrification Corporation, REC will list on the bourses with equity shares on Wednesday, March 12, 2008. It has been fixed issue price of Rs 105 per share for its initial public offer of 15.61 crore shares of Rs 10 each. The issue generated a demand for over Rs 45,000 crore and got subscribed by 27.91 times.
The price band was between Rs 90-105 per share. The QIB portion was subscribed 39 times, HNI 27 times and retail 8 times. The employee portion was also fully subscribed demonstrating the interest it has generated.
The issue constitutes approximately 18.18% of the fully diluted post-issue capital of REC. IL & FS Investsmart Securities Limited, ICICI Securities Limited and SBI Capital Markets Limited are the Book Running Lead Managers for the Issue.
The Company proposes to utilize the net proceeds from the fresh issue to augment its capital base to improve its borrowing capacity in order to support the future growth in its assets.
Source: Moneycontrol.com
Tuesday, March 11, 2008
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