State-run Rural Electrification Corporation (REC), is likely to hit the capital market by the third week of this month and the company would fix the price band of its Initial Public Offer at Rs 90 - Rs 105 per share.
"The company is going to file the Red Herring Prospectus with the Registrar of Companies on Wednesday and the road shows will begin from tomorrow,'' company sources said.
REC - a lending institution to power sector- is estimated to raise about Rs 1,200 crore through the IPO by offering 15.61 crore shares, which includes about 39 lakh shares reserved for the employees.
REC would be the third power PSU to hit the capital market after Power Finance Corporation and PGCIL hit the capital market last year. Further, National Hydroelectric Power Corporation (NHPC) is also planning an IPO by next fiscal, but is struck for wan t of required number of independent directors on its board. - PTI
