The issue comprises a net issue of 171,382,000 equity shares to the public and a reservation of 350,000 equity shares for eligible employees. The net issue shall constitute 17.36% of the fully diluted post-issue capital of the company.
REC is engaged in the business of financing and promotion of transmission, distribution and generation projects throughout India.
The government holding will be reduced to 66.80% post issue. The object of the offer for sale of shares is to carry out disinvestment and the company would not receive any proceeds from the offer for sale. It intends to utilise the funds being raised through the fresh issue to augment capital base to meet future capital requirements.
The book running lead managers to the issue are Kotak Mahindra Capital Company Ltd, DSP Merrill Lynch Ltd, ICICI Securities Ltd, JM Financial Consultants Pvt Ltd and RBS Equities (India) Ltd. Karvy Computershare Pvt Ltd is the registrar.
For the quarter ended September 30, 2009, the company has reported net profit of Rs 928.89 crore on total income of Rs 3,136.71 crore.
The state-run company raised over Rs 1,600 crore through an initial public offer of 15.61 crore shares in February 2008.
Source : http://www.moneycontrol.com/news/ipo-issues-open/rural-electrification-corp-fpo-opens-today_442588.html
REC is engaged in the business of financing and promotion of transmission, distribution and generation projects throughout India.
The government holding will be reduced to 66.80% post issue. The object of the offer for sale of shares is to carry out disinvestment and the company would not receive any proceeds from the offer for sale. It intends to utilise the funds being raised through the fresh issue to augment capital base to meet future capital requirements.
The book running lead managers to the issue are Kotak Mahindra Capital Company Ltd, DSP Merrill Lynch Ltd, ICICI Securities Ltd, JM Financial Consultants Pvt Ltd and RBS Equities (India) Ltd. Karvy Computershare Pvt Ltd is the registrar.
For the quarter ended September 30, 2009, the company has reported net profit of Rs 928.89 crore on total income of Rs 3,136.71 crore.
The state-run company raised over Rs 1,600 crore through an initial public offer of 15.61 crore shares in February 2008.
Source : http://www.moneycontrol.com/news/ipo-issues-open/rural-electrification-corp-fpo-opens-today_442588.html
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