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Rural Electrification Corporation REC FPO to hit markets in Jan-Feb 2010
The government will come out with a follow-on public offer (FPO) for state owned Rural Electrification Corporation (REC) in January-February 2010, a Power Ministry official has said, reports CNBC-TV18.Earlier in November, REC CMD P Uma Shankar had also confirmed the FPO would hit market by February 2010.
The company has filed a draft red herring prospectus (DRHP) with the Securities & Exchange Board of India for FPO of 171,732,000 equity shares of Rs 10 each, constituting 20% of existing paid-up capital on December 03, 2009.
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