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IPO News
REC allots shares on FPO
Posted On : 2010-03-08 21:19:38( TIMEZONE : IST )
Rural Electrification Corporation Ltd has now announced with reference to Further Public Offer, that the Further Public Offer ("Issue") of the Company received 57,858 applications for 538,911,584 Equity Shares resulting in 3.14 times subscription. The basis of allotment and allocation in relation to the Further Public Offer of the Company, as finalized in consultation with the National Stock Exchange of India Ltd, being the 'Designated Stock Exchange', and approved by the FPO Committee of the Board of Directors of the Company, at its meeting held on March 05, 2010.
The total number of Equity Shares allotted in the 'Employee Reservation Portion' was 293,040. The undersubscribed portion of 56,960 Equity Shares has been added to the 'Net Issue', being the Issue less the 'Employee Reservation Portion'.
In the 'Retail Portion' of the Issue, 55,872 applications for 13,454,820 Equity Shares were found valid and they were considered for Allotment. This included vaild applications for 5,092,920 - Equity Shares made under the 'ASBA' process. Under-subscription in the 'Retail Portion' of 46,548,816 Equity Shares was added to the 'QIB Portion'.
The 'Non-Institutional Portion' was subscribed to the extent of 2.05 times and hence Allotment was done on proportionate basis. Overall, 412 applications for 52,783,770 Equity Shares were found valid and were considered for Allotment. The total number of Equity Shares allotted in this category was 25,715,844 to 412 applicants.
In relation to the 'QIB Portion', the Clearing Price was Rs. 206 per Equity Share. Overall, 276 applications for 472,095,180 Equity Shares were found valid and the quantum of Equity Shares Allotted to this category was 132,268,296 (including a spill- over of 46,577,296 Equity Shares from other categories).
The stock was trading at Rs.237.50, down by Rs.4.35 or 1.80%. The stock hit an intraday high of Rs.242.50 and low of Rs.237.25.
The total traded quantity was 82101 compared to 2 week average of 1336556.
