Bookbuilding FPO | ₹3,526 Cr | Listed at BSE, NSE | Fri, Feb 19, 2010 - Tue, Feb 23, 2010
REC FPO is a book build issue of ₹3,525.55 crores. The issue is a combination of fresh issue of 12.88 crore shares aggregating to ₹2,644.16 crores and offer for sale of 4.29 crore shares aggregating to ₹881.39 crores.
REC FPO bidding started from Feb 19, 2010 and ended on Feb 23, 2010. The shares got listed on BSE, NSE on Mar 8, 2010.
REC FPO price band is set at ₹206 per share. The lot size for an application is 30. The minimum amount of investment required by an retail is ₹6,180 (30 shares) (based on upper price). The lot size investment for sNII is 33 lots (990 shares), amounting to ₹2,03,940, and for bNII, it is 162 lots (4,860 shares), amounting to ₹10,01,160.
The issue includes a reservation of up to 3,50,000 shares for employees offered at a discount of ₹13.00 to the issue price.
BOFA Securities India Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to REC FPO RHP for detailed Information.
FPO Open
Fri, Feb 19, 2010
FPO Close
Tue, Feb 23, 2010
Issue Price
₹206 per share
Market Cap (Pre-IPO)
₹20,341.66 Cr
| IPO Date | 19 to 23 Feb, 2010 |
| Listed on | Mon, Mar 8, 2010 |
| Face Value | ₹10 per share |
| Price Band | ₹203 to ₹[.] |
| Issue Price | ₹206 per share |
| Lot Size | 30 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding FPO |
| Listing At | BSE, NSE |
| Retail Discount | Rs 3.00 per share |
| Employee Discount | ₹13.00 |
| Total Issue Size | 17,17,32,000 shares (agg. up to ₹3,526 Cr) |
| Fresh Issue | 12,87,99,000 shares (agg. up to ₹2,644 Cr) |
| Offer for Sale | 4,29,33,000 shares of ₹10 (agg. up to ₹881 Cr) |
| Share Holding Pre Issue | 85,86,60,000 shares |
| Share Holding Post Issue | 98,74,59,000 shares |
| BSE Script Code / NSE Symbol | 532955 / RECLTD |
| ISIN | INE020B01018 |
REC FPO comprises a total issue size of 17,17,32,000 shares. The net offer to the public is 17,13,82,000 shares, after excluding 3,50,000 shares under a preferential allotment. Of the Net offer 8,56,91,000 (50.00%) are allocated to QIB, 2,57,07,300 (15.00%) allocated to NII 5,99,83,700 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 8,56,91,000 | 50.00% | 49.90% | NA |
| NII (HNI) Shares Offered | 2,57,07,300 | 15.00% | 14.97% | NA |
| Retail Shares Offered | 5,99,83,700 | 35.00% | 34.93% | 19,99,456 |
| Preferential Reservations | ||||
| Employee Shares Offered | 3,50,000 | 0.20% | NA | |
| Total Shares Offered | 17,17,32,000 | 100.00% | 100.00% | |
Investors can bid for a minimum of 30 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹6,180 |
| Retail (Max) | 32 | 960 | ₹1,97,760 |
| S-HNI (Min) | 33 | 990 | ₹2,03,940 |
| S-HNI (Max) | 161 | 4,830 | ₹9,94,980 |
| B-HNI (Min) | 162 | 4,860 | ₹10,01,160 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1969, Rural Electrification Corporation Limited (REC) is one of the leading public financial institutions in Indian power infrastructure. They are engaged in the financing and promotion of transmission, distribution and generation projects throughout India.
REC provides funding to their clients and assist them in formulating and implementing various types of power project-related schemes. Clients include public sector power utilities at the central and state levels and private sector power utilities. Additionally, they fund power projects for their joint sector clients. Their financial products primarily include long-term loans, short-term loans, bridge loans and debt refinancing.
REC have contributed to the development of rural India and India's agriculture through our funding of transmission and distribution projects in rural areas. For Fiscal 2009, more than half of their loan sanctions related to generation projects and generation-related loan assets currently comprise more than a third of their total loan assets. In September 2009, their mandate was further extended to include financing other activities with linkages to power projects, such as coal and other mining activities, fuel supply arrangements for the power sector and other power-related infrastructure.
As of September 30, 2009, they are one of only 18 India public sector undertakings to be granted “Navratna” status by the Department of Public Enterprise by virtue of our operational efficiency and financial strength. The GoI has rated their performance as “Excellent” continuously since Fiscal 1994.
The current offering (FPO) shall constitute 17.39% of the fully diluted Post Issue capital of the company and the Net Issue shall constitute 17.36% of the fully diluted Post Issue capital of the company. The government holding will be reduced to 66.80% post issue.
| Period Ended |
|---|
| Amount in ₹ Crore |
The REC FPO is subscribed 3.14 times on February 23, 2010 5:00:00 PM (Day 3). The public issue subscribed 0.23 times in the retail category, 5.52 times in the QIB category, and 2.05 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 5.52 | 8,56,91,000 | |
| NII | 2.05 | 2,57,07,300 | |
| Retail | 0.23 | 5,99,83,700 | |
| Employee | 0.85 | 3,50,000 | |
| Total | 3.14 | 17,17,32,000 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹206.00 | ₹206.00 |
| Open | ₹230.00 | ₹237.70 |
| Low | ₹225.05 | ₹230.00 |
| High | ₹244.30 | ₹244.60 |
| Last Trade | ₹241.85 | ₹241.45 |
REC FPO is a main-board FPO of 17,17,32,000 equity shares of the face value of ₹10 aggregating up to ₹3,526 Crores. The issue is priced at ₹206 per share. The minimum order quantity is 30.
The FPO opens on Fri, Feb 19, 2010, and closes on Tue, Feb 23, 2010.
Kfin Technologies Ltd. is the registrar for the FPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in REC FPO using UPI as a payment gateway. Zerodha customers can apply in REC FPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in REC FPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The REC FPO opens on Fri, Feb 19, 2010 and closes on Tue, Feb 23, 2010.
REC FPO lot size is 30, and the minimum amount required for application is ₹6,180.
You can apply in REC FPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for REC FPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the REC FPO allotment status.
The REC FPO listing date is on Mon, Mar 8, 2010.
