REC shares down nearly 5 pc ahead of share sale

Shares of Rural Electrification Corporation Ltd today ended nearly 5 per cent lower after the government announced to sell 5 per cent of its stake tomorrow in the company to mop up close to Rs 1,600 crore.
After falling 4.57 per cent to Rs 320.25 in intra-day trade on the BSE, shares of REC finally ended at Rs 321.65, down 4.16 per cent.
On the NSE, it fell by 4.61 per cent to close at Rs 320.60.
In terms of volume, 8.79 lakh shares of the company changed hands at the BSE and over 57 lakh shares were traded at the NSE during the day.

The government will sell 5 per cent stake in Rural Electrification Corporation on April 8 to mop up close to Rs 1,600 crore, marking the first disinvestment of the current fiscal.
Taking the offer for sale (OFS) route, government will sell over 4.93 crore REC shares.
"The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence on April 8," REC had said in a filing to the BSE yesterday.
The 5 per cent share sale would fetch about Rs 1,600 crore to the exchequer.