REC IPO subscribed 2.14 times

The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving full subscription on the first day itself. The company has received subscription of 2.14 times till 5:00 PM on 19 Feb 2008.

The company has come out with an IPO of 156120000 Equity Shares of Rs.10 each for cash at a price band of Rs 90 to Rs 105 through 100% book building process.

The IPO has received total bids for 334513620 equity shares against the offer of 156120000 shares. The issue has received bids for 2967180 equity shares at cut-off price.

The issue closes for subscription on February 22, 2008.

Source : Equity Bulls

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