Rural Electrification Corporation

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The IPO of the state-run Rural Electrification Corporation (REC) got
subscribed 27.91 times with an overwhelming bidding for 435 Crores equity
shares.

Qualified Institutional Buyers (QIBs) segment of the IPO subscribed of
about 39.30 times. Non Institutional Investor (NII) of about 27.12 times.
REC is offering 156.12 million shares through the IPO at a price band of Rs
90-105 a piece.

At nearly 28 times the issue size, the IPO has received bids worth nearly
Rs 45,000 crore.

Allotment expectation is 120 to 130 shares for the application of 1 lakh
(maximum) in the retail category. Allotment is due on March 07 and refund
process will start from March 10.

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