Thursday, February 21, 2008

REC IPO subscribed over 4.13 times. Issue closes today

The IPO of the state-run Rural Electrification Corporation (REC) got subscribed 4.13 times with an overwhelming bidding for 64.45 crore equity shares till yesterday. The issue closes today.

Bids for as many as 32.56 crore equity shares were received at the top end of the price band – Rs 105. The QIB portion was subscribed by 6.51 times, retail by 0.79 times and HNI 0.75 times. Even the employee quota was subscribed 0.71 times on the penultimate day of the IPO. Broking circles are confident that the IPO would be subscribed at least 15 times when it closes tomorrow.

REC entered the capital markets with a public issue of 156,120,000 Equity Shares of Rs. 10 each through 100% book building process with a price band of Rs 90-Rs 105.

Details of the issue:
Public Issue Open: February 19, 2008 to February 22, 2008
Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
Public Issue Size: 156,120,000 Equity Shares of Rs. 10/-
Face Value: Rs. 10/-
Public Issue Price: Rs 90/- to Rs 105/-
Market Lot: 60 Shares
Minimum Order Quantity: 60 Shares
Maximum Subscription Amount for Retail Investor: Rs 100,000/-
Listing: BSE, NSE



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