New Delhi: Indian lender Rural Electrification Corp (REC) may raise up to Rs35 billion ($740 million) through a share sale that is likely to be completed by the end of February, its chairman said on Wednesday.
The government has plans to divest a 5% stake in the company, and the company will also issue fresh shares comprising 15% of its equity, P. Uma Shankar told reporters at a conference.
The company could raise Rs32 billion to Rs35 billion, going by current market conditions, he said.