REC FPO Subscription Stats | REC FPO News | REC FPO Details

REC FPO Subscription Stats | REC FPO News | REC FPO Details

Life Insurance Corporation (LIC) is looking for a strategic move that may get it a large chunk of the shares. LIC is likely to increase its bid in the REC FPO and has invested around Rs 200 crore so far.

Public sector banks, insurance companies are among the majority investors in the follow-on issue. Banks have invested over Rs 830 crore so far.

The issue, which closes on February 23, was subscribed 0.59 times on day two. The maximum bids so far have come in at Rs 204 and Rs 205 for 8.28 crore shares. The 17.17 crore share issue has a base price of Rs 203 per share.

At the close of the day,
QII segment was subscribed 0.52 times
NII segment was subscribed 0.19 times
Retail segment was subscribed 0.0055 times
Employee reservation segment was subscribed 0.0119 times

The issue consists of a fresh issue of 128,799,000 equity shares by the company and an offer for sale of 42,933,000 equity shares by the President of India, acting through the Ministry of Power, Government of India. The issue comprises a net issue of 171,382,000 equity shares to the public and a reservation of 350,000 equity shares for eligible employees. 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.

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