 "Rural Electrification Corporation dips ahead of offer for sale issue")
Rural Electrification Corporation (REC) has dipped 4% to Rs 322 on the National Stock Exchange (NSE), ahead of the government 5% stake sale plan in the company through Offer for Sale (OFS) route tomorrow.
The government plans to sell 49.37 million equity shares, representing 5% of the total paid up equity share capital, in REC on Wednesday, 8 April.
“The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence on 8 April,” REC said in a filing to BSE.
The government will announce the base price for the stake sale today post market hours. The retail investors will be allocated offer shares at a discount of 5% of the bid price entered by them, it added.
The stock opened at Rs 324 and touched a low of Rs 321 on the NSE. A combined 4.48 million shares changed hands on the counter on the NSE and BSE till 1454 hours.
The government plans to sell 49.37 million equity shares, representing 5% of the total paid up equity share capital, in REC on Wednesday, 8 April.
“The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence on 8 April,” REC said in a filing to BSE.
The government will announce the base price for the stake sale today post market hours. The retail investors will be allocated offer shares at a discount of 5% of the bid price entered by them, it added.
The stock opened at Rs 324 and touched a low of Rs 321 on the NSE. A combined 4.48 million shares changed hands on the counter on the NSE and BSE till 1454 hours.