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Our Bureau

New Delhi, Aug. 23 State-owned power sector lending institution Rural Electrification Corporation (REC) has filed a draft red herring prospectus (DRHP) with market regulator SEBI for its initial public offering (IPO), through which it expects to raise up to Rs 1,200 crore.

About 15.6 crore shares would be offered, an REC official said. These shares constitute 20 per cent of the existing equity capital of REC.

REC would issue the shares at a price to be decided through the book building process and the scrip would be listed on Bombay Stock Exchange and National Stock Exchange. The proceeds of the issue would be utilised to meet the company’s future corporate requirements, the official said.

Last year, the Cabinet Committee on Economic Affairs had approved the proposal for initial public offerings of three state-owned power companies — Power Finance Corporation, Power Grid Corporation of India Ltd (PGCIL) and REC. While PFC has already gone ahead with its listing on the bourses, PGCIL filed its red herring prospectus with the market regulator for an IPO on Wednesday.

More Stories on : IPOs | Power

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