REC seeks Power Ministry nod to raise Rs 3Kcr
June 10th, 2009
Rural Electrification Corporation (REC) is seeking the Power Ministry’s approval for a follow-on public issue or QIP to raise Rs 2,500-3,000 crore. This could be the first step towards achieving the government’s agenda of partial divestment in a public sector enterprise.
REC is likely to offer up to 17 crore shares, which is nearly 20% of the current equity of the company. CNBC-TV18 learns that the government can offer up to 5% stake via this follow-on or QIP issue.