Mumbai: The maiden public offer of state-run power firm Rural Electrification Corporation (REC) got subscribed nearly 4.13 times of the issue size till its third day today.

The REC IPO saw bids pouring in for over 64.45 crore equity shares, against 15.61 crore shares on offer. The four-day book building process would end tomorrow. REC is looking to raise about Rs 1,640 crore through sale of equity shares at the upper end of the price band of Rs 90-105. The mini-ratna company aims to increase its annual disbursement to Rs 1,00,000-1,20,000 crore over the next five years to garner 20 per cent market share in power sector financing, the size of which has been pegged at Rs 6,00,000 crore in the 11th Plan.

Further, the IPO of electrical equipment maker V-Guard got subscribed 2.62 times till today, the last day of the offer. According to the latest data available on the NSE, the issue received bids for over 2.09 crore shares, against 80 lakh shares on offer. The price band for the issue has been fixed between Rs 80 and 85.

The Kerala-based company plans to raise about Rs 70 crore from the capital market. The public issue was aimed at raising funds to augment production capacity, enhance the RD facilities and to strengthen the market presence of V-Guard products.

Source : PTI