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New Delhi, Nov. 4

Rural Electrification Corporation (REC) said on Wednesday its proposed follow-on public offer is likely to hit the market by February 2010. “We would file the Draft Red Herring Prospectus with SEBI by mid-December and the FPO is likely to hit the market by February next year,” REC’s Chairman and Managing Director, Mr Uma Shankar, told reporters on the sidelines of the Economic Editor’s conference here. The offering entails a 15 per cent fresh equity issue and 5 per cent disinvestment by the Government. The company plans to utilise the proceeds from the FPO for financing power projects. The price band of the offer would be decided by the Empowered Group of Ministers headed by the Finance Minister. After the FPO, the Government’s stake in the company would come down to 66.8 per cent from the current 81.82 per cent.

— Our Bureau

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