Rural Electrification Corporation IPO subscribed 4.67 times

The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving subscription of 4.67 times till 11:00 AM on 22 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 729803460 equity shares against the offer of 156120000 shares. The issue has received bids for 44334840 equity shares at cut-off price.

The issue closes for subscription today February 22, 2008.

Source : Equity Bulls

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