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REC Ltd.
BSE: 532955 | NSE: RECLTD
Mid Cap | Finance Term Lending
333.95
-1.30 (-0.39%) Govt clears follow-on issue of REC
Date: 30-10-2009Carrying forward its disinvestment programme, the government today approved part sale of its stake in Rural Electrification Corporation Ltd (REC), the state-owned lender to power generation projects.
REC will raise 15 per cent of its paid-up equity as fresh equity, while the government will disinvest 5 per cent of its holding in the company, Home Minister P Chidambaram announced after a meeting of the Cabinet Committee on Economic Affairs. The follow-on issue is likely to fetch around Rs 3,200 crore-Rs 3,500 crore at the current market price.crackcrack