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TMI BlogFirst Central Public Sector Enterprises - Disinvestment - Rural Electrification Corporation (REC) for the year 2015-16X X X X Extracts X X X X X X X X Extracts X X X X ..... First Central Public Sector Enterprises - Disinvestment - Rural Electrification Corporation (REC) for the year 2015-16 - News and Press Release Dated:- 9-4-2015 - News - A Record 902% Oversubscription Amounting to ₹ 2887 Crore; FII Participation Stood at Impressive ₹ 1692 Crore or 20.71% of the Subscribed Amount The First CPSE disinvestment for the fiscal year 2015-16 got off t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o a thumping start today with the Rural Electrification Corporation (REC) OFS getting fully subscribed within one and a half hour of opening. On offer was 5% paid-up capital of the company comprising 4, 93, 72,950 shares, each of Face Value of ₹ 10. Out of the shares offered for sale, 20% were reserved for retail investors i.e. those investors who placed bids for shares of total value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not more than ₹ 2.00 lakh. In addition, a 5% discount was also offered to retail investors on price bid. With this disinvestment, the Governemnt of India share in REC will come down to 60.64%. At the end of the day with total subscription of ₹ 7621 crore, the issue stood oversubscribed by 553%, the highest ever for an OFS. The investor enthusiasm for the issue is borne out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the fact that the indicative price for retail was ₹ 325.10 and for institutions ₹ 324.73 both above the previous day (7/4/2015) closing price of ₹ 321.65 and floor price of ₹ 315. Seldom, if ever, has such an upward spiral been registered by an OFS. The highlight of the issue has been the overwhelming retail investor participation, a record 902% oversubscription amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unting to ₹ 2887 crore. If we add retail bids through Mutual Funds then with ₹ 528 crores, the total amount subscribed by retail investors adds up to ₹ 3415. Significantly against a discount of 5.3% to the last traded price for the previous REC transaction in the 2010 FPO, the discount this time was only 2.1% The OFS has been equally strongly endorsed by the institutional inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estors. At ₹ 4734 crore, it was oversubscribed by 466%, once again the highest ever for an OFS. The FIIs participation stood at impressive ₹ 1692 crore or 20.71% of the subscribed amount. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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