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IPO News
Feb 26 2008 12:00AM
Rural Electrification Corporation fixes IPO price

Rural Electrification Corporation (REC) has fixed IPO price at the top end of the price band at Rs 105 per share. The Rs 1639.05 crore REC IPO was subscribed 27.91 times. The IPO received bids for 435.68 crore shares as against 15.61 crore shares on offer.

As per reports, REC is expected to list on the bourses by mid-March 2008.

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.

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.

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