Markets | REC gets bids for 59% of shares on offer

Markets | REC gets bids for 59% of shares on offer

New Delhi: Rural Electrification Corp. (REC) got bids for 59% of the stock offered on the second day of a sale aimed at raising funds to expand business. Bids were placed for 101.5 million of the 171.7 million shares on offer according to the National Stock Exchange web site. REC shares fell 0.3% to Rs213.90 at the close of trading. The follow-on public offer closes on Tuesday.

—Bloomberg

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Kalpataru Properties plans Rs1,000 crore IPO

Mumbai: Kalpataru Properties Pvt. Ltd plans to raise Rs1,000 crore in an initial share sale, VCCircle’s website said. The developer is in discussions with banks to help manage the share sale, it said.

—Bloomberg

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