REC IPO – Rural Electrification Corporation IPO opens on 19th

REC IPO will hit the markets for subscription on Monday, 19th February 2008. Rural Electrification IPO will issue over 15.6 crore equity shares at a price band of Rs. 90 to Rs. 105. Out of the total available shares employees reservation is fixed at over 39 lakh equity shares. Rural Electrical Corporation, REC is one of India’s leading Power Infrastructure company, which finances, promotes and helps in distribution of power projects .Rural Electrification Corporation has been awarded Mini Ratna Grade-1 status and the President of India currently holds 100 per cent paid up capital in the company through Ministry of Power and post IPO the share will come down to just over 81 per cent. R

Rural Electrification Corporation IPO is backed up by good financials of the company, for the FY07 the company has reported sales over Rs.2652 crore with Profit after tax standing at over Rs. 684 crore.

Rural Electrification Corporation IPO has been graded by CRISIL and the issue has been awarded IPO Grade 3 which indicates average fundamentals. REC IPO funds are proposed to be utilised for strengthening its capital-base.

REC IPO Subscription closes on Friday, 22nd February, 2008 and post IPO the proposed shares are to be listed on the BSE and NSE. Book Running Lead Managers to the REC IPO are ICICI Securities, SBI Capital Markets and IL&FS Investsmart Limited.More information and updates on REC IPO Subscription and REC IPO Allotment will be updated here soon. Do check back for Rural Electrification Corporation IPO analysis and review on REC IPO .

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