REC FPO Allotment Status is declared and can now be checked online.

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The FPO of the state-run Rural Electrification Corporation Ltd., which closed for subscription today, has been subscribed 3.14 times on an overall basis. The QIB portion has been oversubscribed 5.52 times. However, Retail Investors have not shown much of a keen interest in the FPO with the category remaining subscribed at 0.23 times or 22.97% only.

REC FPO Bidding Status (Final) as on Tuesday, February 23, 2010 1800 hrs IST:
QIB: 5.52 times
Non-Institutional Investors: 2.05 times
Retail: 0.23 times
Employees: 0.85 times
Overall: 3.14 times

Rural Electrification Corporation FPO has been subscribed 0.59 times till the second day of its opening. The QIB Category has been fully subscribed with the subscription in this category at 1.09 times till second day. The FPO has not seen much response from the other categories which remain under-subscribed till Day 2. Following is the Bidding Status of REC FPO till its second day:

REC FPO Bidding Status as on Day 2, i.e. Monday, February 23, 2010 1700 hrs IST:
QIB: 1.09 times
Non-Institutional Investors: 0.23 times
Retail: 0.03 times
Employees: 0.32 times
Overall: 0.59 times

QIB: 0.52 times
Non-Institutional Investors: 0.19 times
Retail: 0.01 times
Employees: 0.01 times
Overall: 0.29 times

Issue Size: 171,732,000 Equity Shares of Rs.10/- each
Issue Opens on: Friday, February 19, 2010
Issue Closes on: Tuesday, February 23, 2010
Floor Price: Rs.203/- per equity share
Bid Lot: 30 Equity Shares and in multiples thereof
Lead Managers:
1. DSP Merrill Lynch Ltd.
2. ICICI Securities Ltd.
3. JM Financial Consultants Pvt. Ltd.
4. Kotak Mahindra Capital Co. Ltd.
Registar: Karvy Computershare Pvt. Ltd.

The floor price for the upcoming FPO of Rural Electrification Corporation (REC) Ltd. has been fixed at Rs.203/- per equity share. The FPO would follow the French Auction Model for pricing of issue. In a French Auction Model Institutional buyers are free to bid above the floor price so fixed and the allotment is done on a price-priority basis at differential prices  


REC FPO consists of an aggregate of 171,732,000 Equity Shares, comprising of a Fresh Issue of 128,799,000 equity shares by the company and an Offer for Sale of 42,933,000 Equity Shares by the President of India, acting through the Ministry of Power, Government of India

The FPO would remain open for subscription between Friday, February 19, 2010 and Tuesday, February 23, 2010. Check back Indian IPO Blog for latest subscription status updates and more on REC FPO!

Related Posts:
> REC FPO to follow French Auction Model
> What is a 'French Auction' Model and how it works
> Rural Electrification Corporation FPO opens from February 19, 2010
> REC FPO likely in mid February
> Rural Electrification Corporation (REC) files DRHP for FPO

REC FPO, like the recent FPO of NTPC Ltd., will follow the French Auction Model for pricing of its issue. The FPO would consists of 171,732,000 Equity Shares, each having a Face Value of Rs. 10 each

Rural Electrification Corporation Ltd., one of the leading public financial institutions in Indian power infrastructure engaged  in the financing and promotion of transmission, distribution and generation projects throughout India. REC intends to utilize the funds being raised through the issue to augment capital base to meet future capital requirements

REC FPO would remain open for subscription between Friday, February 19, 2010 and Tuesday, February 23, 2010

Rural Electrification Corporation Ltd., one of the leading public financial institutions in Indian power infrastructure engaged  in the financing and promotion of transmission, distribution and generation projects throughout India, is coming up with a FPO of 171,732,000 Equity Shares, each having a Face Value of Rs. 10 each

The Equity Shares of Rural Electrification Corporation Ltd. (REC) are already listed. REC intends to utilize the funds being raised through the issue to augment capital base to meet future capital requirements

REC FPO would remain open for subscription between Friday, February 19, 2010 and Tuesday, February 23, 2010. Check back Indian IPO Blog for latest updates on REC FPO!

Rural Electrification Corporation Limited (REC), a listed Government of India Public Sector Enterprise, is coming up with an Follow-on Public Offer (FPO), which is likely to hit markets in the second or third week of February, 2010

The Company had earlier filed a Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for Follow-on Public Offer (FPO) of 171,732,000 equity shares of Rs 10 each, constituting 20% of existing paid-up capital

The FPO would consist of a fresh issue of 128,799,000 equity shares by the company and an offer for sale of 42,933,000 equity shares by the President of India, acting through the Ministry of Power, Government of India

REC provides financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects as are sponsored by them. REC also provides loan assistance to SEBs/State Power Utilities for investments in rural electrification schemes

Check back Indian IPO Blog regularly for precise Opening and Closing Dates, Price Band, Bid Lot and latest updates on Rural Electrification Corporation Limited (REC)  FPO!

Rural Electrification Corporation (REC) may hit the markets soon with a Follow-on Public Offer (FPO). The Company has filed a Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for Follow-on Public Offer (FPO) of 171,732,000 equity shares of Rs 10 each, constituting 20% of existing paid-up capital, on December 03, 2009

REC had come up with an IPO in February 2008, which was oversubscribed 27.88 times (Click here to View detailed subscription status of REC IPO)

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