REC jumps after strong response to share sale

MUMBAI (Reuters) - Shares in Rural Electrification Corp gained as much as 4.9 percent on Thursday after the government sold a 5 percent stake in the company and investors bid for more than five times the number of shares on offer.

Also, REC's equity futures attract long positions, Reuters data shows.

Investors, retail as well as institutional, bid for more than 273.1 million shares of REC versus the issue size of about 49.3 million, exchange data showed. The institutional portion was oversubscribed 4.66 times, while the retail portion saw the record subscription of 9.02 times.

(Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)