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Rural Electrification Corp share sale may raise $740 mn

Rural Electrification Corp share sale may raise $740 mn
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First Published: Wed, Nov 04 2009. 11 08 AM IST
Updated: Wed, Nov 04 2009. 11 08 AM IST
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.
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First Published: Wed, Nov 04 2009. 11 08 AM IST