REC rallies post FPO

Rural Electrification Corporation (REC) has soared after the successful subscription of the FPO.

The stock opened at Rs 212 and touched a high of Rs 219. The stock is now trading at Rs 218, up 3% from its previous close. The counter has clocked volumes of 127,000 shares on the BSE.

After lacklustre investor response on the first two days, public sector banks and insurance majors stepped in to salvage the follow-on public offer (FPO) of state-owned Rural Electrification Corporation which closed with the issue subscribed over three times.

Read more: Institutions save the day for REC FPO