Rural Electrification Corporation's Rs1,650 crore IPO fully subscribed in half an hour

19 February 2008

Mumbai: The initial public offer of state-run power sector lender Rural Electrification Corporation (REC) was fully subscribed within half an hour of the opening of the issue today.

The issue saw robust demand right from the beginning and was fully subscribed within 27 minutes, said investment bankers associated with the offer.

REC is selling 15.6 crore equity shares in a price band of Rs90-95 a share to raise about Rs1,640 crore, through the book-building process.

The issue, which opened for subscription today, got subscribed 1.62 times of the issue size on the first day of its book-building process.

The issue will close on February 22.

The IPO would constitute about 18.18 per cent of the fully diluted post-issue capital of REC.