REC FPO receives subscription of 3.14 times

The Follow-on Public Offering (FPO) of Rural Electrification Corporation Limited has received subscription of 3.14 times. The FPO opened for subscription on February 19, 2010 and closed for subscription on February 23, 2010.

The FPO received total bids for 539654220 equity shares against the offer of 171732000 equity shares. Bulk of the bids have come at Rs 205 against the floor price of Rs 203.

The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 472770180 equity shares against the offer of 85691000 equity shares resulting in a subscription of 5.5172 times.

The Non Institutional Investors portion of the issue received subscription of 2.0542 times with bids for 52808640 equity shares against the offer of 25707300 equity shares. Corporates have bid for 32055300 equity shares, followed by Individuals (Other than RIIs) who have bid for 12959610 equity shares.

Others have bid for 7793730 equity shares.

The Retail Individual Investors (RIIs) portion of the FPO received lukewarm response with subscription of 0.2297 times with bids for 13776810 equity shares against the offer of 59983700 equity shares.

The employee reservation portion received subscription of 0.8531 times with bids for 298590 equity shares against the offer of 350000 equity shares.

Source : Equity Bulls

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