State-run Rural Electrification Corp today said its board will meet on January 23 to discuss the papers for its proposed follow-on public offer.
The board of directors will "consider and approve the Red Herring Prospectus for the proposed FPO of the company," REC said in a statement to the Bombay Stock Exchange.
Apart from REC, several other state-run companies, which include power major NTPC, Satluj Jal Vidyut Nigam and mining giant NMDC, are planing to hit the capital market with their public offers during the current calendar year.
Indian companies are expected to embark on a mega fund raising spree this year to raise over Rs 50,000 crore by way of public offers driven by sharp recovery in the stock market. During 2009, the stock market benchmark Sensex registered a gain of about 81 per cent.
Over 50 companies have already filed DRHP with the Sebi. Last year, about Rs 20,000 crore was raised by Indian companies through initial public offers.