REC debuts at 19.05 per cent premium, closes with 14.52 per cent gain
12 Mar 2008
Mumbai: Trading in shares of public sector Rural Electrification Corporation (REC) opened on the National Stock Exchange at a 19.05 per cent premium to its issue price of Rs 105 and the stock closed Wednesday with a gain of 14.52 per cent.
The REC stock hit a high of Rs129.90 and a low of Rs118.75 and closed at Rs120.25, gaining Rs15.25 or 14.52 per cent on the first day of trading.
A total of 111,671,336 shares changed hands on the NSE and the total turnover was Rs1,364.28 crore.
A public sector enterprise engaged in funding power sector projects, REC had received good response from investors with its Rs1,640 crore initial public offer getting subscribed 27.19 times. The issue closed for subscription on February 22.
The IPO was fully subscribed within half an hour of the opening of the issue.
REC is engaged in financing and promoting transmission, distribution and generation projects across the country. The company provides financial assistance to public sector power utilities.
