REC IPO opens on Feb 19 with price band of Rs 90-105
Rural Electrification Corporation (REC), one of the leading public financial institutions in Indian power infrastructure, proposes to enter the capital markets on February 19, 2008 with a public issue of 156,120,000 equity shares of Rs 10 each through 100% book building process.
The issue comprises a fresh issue of up to 78,060,000 equity shares by REC and an offer for sale of up to 78,060,000 equity shares by the President of India acting through the Ministry of Power. The net issue to the public will be up to 152,217,000 equity shares, after allowing for reservation of up to 3,903,000 equity shares for subscription by eligible employees as defined in the Red Herring Prospectus.
The issue closes on February 22, 2008 and the price band has been fixed at Rs 90 to Rs 105 per equity share of Rs 10 each.
IL & FS Investsmart Securities Limited, ICICI Securities Limited and SBI Capital Markets Limited are the book running lead managers for the Issue. The equity shares are proposed to be listed on the NSE and the BSE.
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