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Rural Electrification Corporation jumps after strong response to share sale

By: |
Mumbai | Published: April 9, 2015 11:09:50 AM

Shares in India's Rural Electrification Corp gained as much as 4.9 percent on Thursday after the government sold a 5 percent stake

india, rural electrification, rural electrification corporation, rural electrification corporation bonds, rural electrification corporation shares, rural development, rural electrification corporation news, rural electrification corporation share price, sbi funds management, india news, nation news, business newsGreater faith in the India?s political leadership and reform process should help government?s divestment drive, said Navneet Munot, chief investment officer of SBI Funds Management. (Reuters)

Shares in Rural Electrification Corp gained as much as 4.9 percent on Thursday after the government sold a 5 percent stake in the company and investors bid for more than five times the number of shares on offer.

Also, REC’s equity futures attract long positions, Reuters data shows.

Investors, retail as well as institutional, bid for more than 273.1 million shares of REC versus the issue size of about 49.3 million, exchange data showed. The institutional portion was oversubscribed 4.66 times, while the retail portion saw the record subscription of 9.02 times.

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