REC IPO fully subscribed before noon on Day 1

REC IPO fully subscribed before noon on Day 1
PTI
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First Published: Tue, Feb 19 2008. 12 16 PM IST
Updated: Tue, Feb 19 2008. 12 16 PM IST
Mumbai: The initial public offer of Rural Electrification Corporation, a state-run power sector lender, got fully subscribed within about half an hour of the start of book building process on Tuesday.
REC is looking to raise about Rs1,640 crore through sale of 15.6 crore equity shares in a price band of Rs90-105 in the IPO.
According to investment bankers associated with the offer, the issue saw robust demand right from the beginning this morning and was fully subscribed within 27 minutes.
The book building process, which opened today, is scheduled to close on 22 February.
The issue would constitute about 18.18% of the fully diluted post-issue capital of REC.
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First Published: Tue, Feb 19 2008. 12 16 PM IST
More Topics: Rec | IPO | Power | Investment | Issue |