Rural Electrification Corporation FPO floor price fixed at Rs 203

Rural Electrification Corporation Ltd has announced that Empowered Group of Ministers (EGoM) of the Government of India, in its meeting held on February 17, 2010, has fixed the floor price for Further Public Offer of REC at Rs.203/- (Rupees Two Hundred Three only) per equity share.

The company will offer a discount of Rs.10/- (Rupees Ten only) per share on the above floor price to eligible employees submitting bids in the Employee Reservation Portion.

The minimum bid lot has been decided as 30 (Thirty) equity shares and in multiples of 30 (Thirty) equity shares thereafter.

Further, as already intimated in the letter of January 25, 2010, the bidding for the proposed FPO issue will be 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.

The stock was trading at Rs.214, down by Rs.6.15 or 2.79%. The stock hit an intraday high of Rs.215 and low of Rs.205.15.

The total traded quantity was 484802 compared to 2 week average of 193921.

Source : Equity Bulls

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