Rural Electrification Corp files draft prospectus

December 4th, 2009 - 3:22 pm ICT by IANS  

Mumbai, Dec 4 (IANS) State-run Rural Electrification Corp (REC) Friday filed a draft red herring prospectus with the markets regulator for a follow-on public offer to offload 20 percent of the government’s stake.
REC, in which the state holds about 82 percent stake, said in a regulatory statement that the offer will be for 171,732,000 equity shares of Rs.10 each, constituting 20 percent of existing paid-up capital.

The government is aiming for partial divestment in at least three public sector power utilities — REC, NTPC and Sutlej Jal Vidyut Nigam — by the end of this fiscal.

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