REC OFS floor price fixed at Rs 315

Published on Tuesday, April 7, 2015 by Dilip Davda | Modified on Friday, November 1, 2019

OFS Floor Price

SymbolRECLTD Series - Non RetailIS Series - RetailRS Number of shares being offered for sale4,93,72,950 equity shares Reservation portion for Retail20% of offer size for RS series only Discount to Retail investor bids5% to the bid price for RS series Bidding at cut-off - RS seriesNot applicable (Cut-off not opted by seller) Maximum Bid Quantity4,93,72,950 equity shares Name of the Seller (s)The President of India, acting through and represented by the Ministry of Power, Government of India (promoter) Name of the broker (s) on behalf the seller1.IL&FS Broking Services Private Limited 2.JM Financial Institutional Securities Limited 3. Morgan Stanley India company Private Ltd Face ValueRs 10 ISININE020B01018 Date of offer08-04-2015 Floor PriceRs 315 Market Lot1 Equity Share Tick SizeRs 0.05 OFS Bidding Time09:15 AM to 15:30 PM Name of the stock exchanges where the Orders shall be placedNSE, BSE

While mainboard IPO for the current fiscal opens with VRL Logistics Ltd, PSU divestment exercise begins with REC stake dilution via OFS mode. The offer for sale (OFS) is opening on 08.04.15 on BSE and NSE and will be open from 9.15 am till 3.30 pm on that day i.e. Wednesday. For retail investors, the offer is for 9874590 shares while non-retail offer is for 39498360 equity share of RS. 10 each. Thus total bid quantity is restricted to 49372950 equity shares. Lot size for the offer is 1 equity share and the tick price is Rs. 0.05 paisa per share.

Allocation methodology will be on price priority basis and retail investors will be eligible for 5% discount. Last trading price of the stock is at Rs. 321.65, thus the offer is priced very reasonably and retail investors should not miss this opportunity to invest in this 'Maharatna' in power sector, that is poised for a bright prospects ahead. Selling members to this offers are IL&FS Broking Services Private Limited (Clg code: 3216, JM Financial Institutional Securities Limited (Clg code: 400) and Morgan Stanley India Co. Pvt. Ltd. (Clg code: 457) while the seller promoter is The President of India, acting through and represented by the Ministry of Power, Government of India.

DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor before making any actual investment decisions, based on information published here. Any reader taking decisions based on any information published here does so entirely at own risk. Author has no plans to invest in this offer.