The Initial Public Offering of Rural Electrification Corporation LIMITED has received encouraging response from investors with the IPO receiving subscription of 27.76 times till 7:00 PM 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 4334607480 equity shares against the offer of 156120000 shares. The issue has received bids for 310291860 equity shares at cut-off price.
The issue closes for subscription today February 22, 2008.