REC down over 4 pc ahead of share sale

Shares of Rural Electrification Corporation Ltd today fell by over 4 per cent as the government will sell 5 per cent of its stake in the company tomorrow to mop up close to Rs 1,600 crore.
The stock dipped 4 per cent to Rs 322 on the BSE.
At the NSE, it was down 4.19 per cent at Rs 322.
Government will sell 5 per cent stake in Rural Electrification Corporation on April 8 to mop up close to Rs 1,600 crore, marking the first disinvestment of the current fiscal.
Taking the offer for sale (OFS) route, government will sell over 4.93 crore REC shares.

"The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence on April 8," REC had said in a filing to the BSE yesterday.
The 5 per cent share sale would fetch about Rs 1,600 crore to the exchequer.