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The government has set a floor price of Rs 315 per share for the offer for sale (OFS) of Rural Electrification Corporation (REC) to be conducted on Wednesday. The price is around 2 per cent lower than the current market price. Shares of REC ended at Rs 321.65, down 4.2 per cent on Tuesday on the BSE.
The government is planning to sell 49.37 million shares (5 per cent stake) in the power finance company to kick start its 2015-16 disinvestment programme.
The stake sale will help the government raise around Rs 1,500 crore.
The government is offering an additional discount of 5 per cent to retail investors— those investing less than Rs 2,00,000.
