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Friday, February 29, 2008
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IPO News
Feb 23 2008 12:00AM
Rural Electrification Corporation IPO ends with 27.91 times subscription
Rural Electrification Corporation (REC) was subscribed 27.91 times on the last day of its issue. The IPO received bids for 435.68 crore shares as against 15.61 crore shares on offer.

The qualified institutional buyers (QIBs) portion was subscribed 39.30 tomes, the non institutional investors portion was subscribed 27.11 times and the retail investors portion was subscribed 7.67 times.

The issue had a price band of Rs 90 to Rs 105 per share.

REC, a term lending institution and a government enterprise, is engaged in the business of lending to power projects.

The company intends to use the issue proceeds for augmenting its capital base to meet future capital requirements arising out of its business growth and other general corporate purposes. |

  Source:   

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