 "REC gains on strong demand for share sale")
Shares of Rural Electrification Corporation (REC) were trading higher by 3% at Rs 341 on the National Stock Exchange (NSE) in early morning trade after the government’s Rs 1,500-crore share sale in power finance company received strong demand for the government's 5% stake sale.
With strong demand from retail and institutional investors, the issue received bids for over 273 million shares as against 49.37 million shares on offer, resulting in over- subscription of 5.5.
The stock opened at Rs 343 and touched high of Rs 347 on the NSE. A combined 6.35 million shares changed hands on the counter on the NSE and BSE till 0930 hours.
With strong demand from retail and institutional investors, the issue received bids for over 273 million shares as against 49.37 million shares on offer, resulting in over- subscription of 5.5.
The stock opened at Rs 343 and touched high of Rs 347 on the NSE. A combined 6.35 million shares changed hands on the counter on the NSE and BSE till 0930 hours.