REC FPO to hit markets on February 19, 2010

The Follow-on Public Offering (FPO) of Rural Electrification Corporation Ltd will hit markets on February 19 2010. The FPO will close for subscription on February 23, 2010.

The company is coming out with an issue of 171,732,000 Equity Shares (128,799,000 Equity shares as fresh issue and 42,933,000 Equity Shares as offer for sale) of Rs 10 each for cash at a price band to be announced later. The Floor Price and the lot size will be announced Later.

The Net offer to Public is 171,382,000 Equity Shares. Out of which, the QIB Book is 85,691,000 shares (50% of Net issue size), Retail Book is 59,983,700 shares (35% of Net issue size), HNI Book is 25,707,300 shares (15% of Net issue size) and the Employee Reservation is 3,50,000 Equity Shares.

Karvy is the Registrar to the company.

The Rural Electrification Corporation stock closed the day at Rs.222.75, down by Rs.7.60 or 3.30%. The stock hit an intraday high of Rs.229.90 and low of Rs.221.65.

The total traded quantity was 284222 compared to 2 week average of 136411.

Source : Equity Bulls

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