REC shines on the buzz of raising Rs 3,085 crore via private bond issue

Rural Electrification Corporation (REC) is currently trading at Rs. 200.50, up by 1.40 points or 0.70% from its previous closing of Rs. 199.10 on the BSE.

The scrip opened at Rs. 200.00 and has touched a high and low of Rs. 202.00 and Rs. 197.90 respectively. So far 107792 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 251.40 on 17-Feb-2012 and a 52 week low of Rs. 142.00 on 07-Jun-2012.

Last one week high and low of the scrip stood at Rs. 202.00 and Rs. 189.40 respectively. The current market cap of the company is Rs. 19749.18 crore.

The promoters holding in the company stood at 66.80% while Institutions and Non-Institutions held 26.14% and 7.07% respectively.

The infrastructure finance company, Rural Electrification Corporation (REC) has raised Rs 3,085 crore via private bond issue with maturity of five and seven years, as mentioned in a report. The issue, which offered 9.40% on the five-year bond and 9.39% on the seven-year bond opened for subscription on July 10, was successful with bond underwriters.

The state-run company, in the month of February, received board’s approval in respect of public issue of Tax Free Secured Redeemable Non-convertible Bonds of face value of Rs 1,000 each, in the nature of debentures, during the financial year 2011-12, aggregating to Rs 1,500 crore with an option to retain over subscription up to a total amount of Rs 3,000 crore pursuant to the provisions of the applicable statutory guidelines.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.