Click to play videoNew Delhi: After the debacle of Reliance Power, the fortunes of Rural Electrification Corporation (REC) IPO has revived the sentiment somewhat in the badly hit IPO market.
The initial public offering from REC opened on February 19 and closed on Friday. It has generated a demand of more than Rs 43,000 crore.
This translates to an oversubscription by 27.3 times by end of the last day of the book building process. In fact, the issue was fully subscribed within half an hour of its opening.
Investors were offered a price band of Rs 90-105 per share.
A wholly owned Government of India Public Sector Enterprise, REC provides financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects.
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