REC enters market with 19.05 percent IPO premium

March 12th, 2008 - 1:17 pm ICT by admin  

Mumbai, March 12 (IANS) Equity shares of public sector enterprise Rural Electrification Corporation (REC) were listed at the Bombay Stock Exchange at a premium of 19.05 percent Wednesday, at Rs.125 against its issue price of Rs.105. The company had received good response from investors and the IPO issue had been subscribed 27.19 times when it closed Feb 22.

REC had priced its initial public offering at the top end of the price band at Rs.105 a share, to raise Rs.16.40 billion.

The public sector enterprise is engaged in financing and promoting transmission, distribution and generation projects across the country.

The company provides financial assistance to public sector power utilities at the central and state levels, private sector power utilities, and joint sector clients.

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