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| Post-issue, REC sails northwards; surge over 8% in 2 days |
| Press Trust of India / Mumbai Feb 25, 2010, 17:27 IST |
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In just two trading sessions after the closure of its follow-on public offer (FPO), the shares of state-run Rural Electrification Corporation (REC) have embarked on an upward journey gaining over 8 per cent on the BSE.
On the Bombay Stock Exchange, the stock today settled at Rs 230.80, higher by 3.50 per cent. During the day, the scrip moved between a high of Rs 234 and a low of Rs 221.05.
Compared with the closing price on February 23, the closing day of the REC issue, its shares have gained 8.53 per cent. On February 23, it had closed at Rs 212.65.
On the National Stock Exchange, the REC counter ended the day at Rs 230.90, up 2.99 per cent. On the volume front, over 84.65 lakh shares changed hands on the bourses today.
The government-run power financier's public offer of 17.1 crore shares was subscribed 3.12 times with a strong support from institutional investors. The company had fixed the floor price at Rs 203 per piece.
Post-FPO, the government's stake will come down to 66.82 per cent from the current 81.82 per cent.
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