REC IPO subscribed over 4.13 times on Day 3

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New Delhi, Feb 21 (UNI) Despite a choppy trading session at the market's today, the IPO of the state-run Rural Electrification Corporation Limited (REC) got subscribed 4.13 times with a bidding for 64.45 crore equity shares by 1,700 hours.

The issue closes tomorrow and bids for as many as 32.56 crore equity shares were received at the top end of the price band at Rs 105.

The investor confidence in the IPO can be gauged from the response that it has generated across the board. The QIB portion was subscribed by 6.51 times, retail by 0.79 times and HNI 0.75 times.

Even the employee quota was subscribed 0.71 times on the penultimate day of the IPO. Broking circles are confident that the IPO would be subscribed at least 15 times when it closes tomorrow.

REC entered the capital markets with a public issue of 156,120,000 equity shares of Rs 10 each through 100 per cent book building process with a price band of Rs 90-Rs 105.

The Issue constitutes about 18.18 per cent of the fully diluted post-issue capital of REC.

REC is one of the leading public financial institutions in power infrastructure, engaged in the financing and promotion of transmission, distribution and generation projects throughout India.

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