Rural Electrification to issue 171732000 shares in FPO

Rural Electrification Corporation Ltd has announced that the Red Herring Prospectus in respect of Proposed Follow-on Public Offer (FPO) of the Company of 171,732,000 Equity Shares has been filed with the Registrar of Companies (ROC), NCT Of Delhi and Haryana on January 25, 2010.

Further the Company has informed that, the FPO Issue of the Company will open on February 19, 2010 for bidding under the `Alternate Book Building Procedure' as prescribed in Part D of Schedule XI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, and the Issue closes on February 23, 2010.

The Stock closed the day at Rs.259.60. The stock hit an intraday high of Rs.264.45 and low of Rs.255.

The total traded quantity was 112686 compared to 2 week average of 267128.

Source : Equity Bulls

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