Tuesday, March 11, 2008

New Listing: REC

Rural Electrification Corporation (REC) listed today at a premium amidst good market sentiments. The stock listed at Rs 126 versus an issue price of Rs 105. The company has made an External Commercial Borrowing (ECB) application with RBI. It earlier said it plans to raise Rs 4,040 crore from ECB route. The company expects to see continued growth of 25-30% and plans to do business of Rs 1.35 lakh crore over the next 5 years.

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