REC IPO subscribed 2.54 times

The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving subscription of 2.54 times till 2:00 PM on 20 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 396562380 equity shares against the offer of 156120000 shares. The issue has received bids for 7176660 equity shares at cut-off price.

The issue closes for subscription on February 22, 2008.

Source : Equity Bulls

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