Finance Minister Arun Jaitley on Thursday said the divestment of the Rural Electrification Corporation (REC) was a thumping success that saw 902 percent of retail participation -- the highest ever.
"REC divestment is a thumping success. Subscribed 5.53 times with retail participation at 902 percent makes this highest ever. Our confidence grows," the finance minister said in a tweet.
The REC was over-subscribed due to demand from domestic institutions and investors. The share sale was of Rs.1,550 crore.
The offer for sale received bids for 27.32 crore shares against 4.93 crore shares put on offer.
The REC issue was launched with a floor price of Rs.315 per share.
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