REC IPO subscription
REC issue subscribed 1.16 times
The IPO of Rural Electrification Corporation was subscribed 1.16 times in half hour of the issue opening on Tuesday. The public issue of 15.61 crore shares had received 18.18 crore bids as at 10:25 am on the National Stock Exchange, the exchange website showed.
Around 20,100 share bids were received at cut off price of the issue, which is priced in the band Rs 90-105 per share. The net issue to the public is for 15.22 crore shares constituting 18.18 per cent of the fully diluted post-issue capital of REC. The issue closes Friday. REC plans to utilise the proceeds to meet the future capital requirements arising out of growth in assets, primarily loan and investment portfolio.
REC IPO Allotment status is expected to be out after 2 weeks
