Rural Electrification Corp IPO in February
February 8th, 2008
State owned Rural Electrification Corporation proposes to raise upto Rs 1640 crore through an initial public offering of 15.61 crore equity shares.
The IPO is scheduled on February 19 and closes on February 22. The price band has been set at Rs 90-105. At the lower end of the band, the conpany will raise Rs 1400 Crore and at the cap Rs 1640 crore.
Half of the shares on offer constitute a fresh offer of equity while the other half is being divested by the Government. There is a reservation of 39 lakh shares for employees at issue price. The offer constitutes 18.1 per cent of the company’s post issue paid-up capital