Rural Electrification Corp files draft prospectus

By IANS,

Mumbai : State-run Rural Electrification Corp (REC) Friday filed a draft red herring prospectus with the markets regulator for a follow-on public offer to offload 20 percent of the government’s stake.

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REC, in which the state holds about 82 percent stake, said in a regulatory statement that the offer will be for 171,732,000 equity shares of Rs.10 each, constituting 20 percent of existing paid-up capital.

The government is aiming for partial divestment in at least three public sector power utilities — REC, NTPC and Sutlej Jal Vidyut Nigam — by the end of this fiscal.