REC mulls FPO in Oct-Nov to finance electrification projects
The Government is likely to divest some of its holding in public sector Rural Electrification Corporation through a follow-on public offer by October-November, a senior government official said.
By PTI |
MUMBAI: The Government is likely to divest some of its holding in public sector Rural Electrification Corporation (REC) through a follow-on public offer by October-November, a senior government official said.
"REC plans to come out with its Follow-on Public Offer (FPO) by October-November to finance existing electrification projects," Secretary of Power, Harishankar Brahma, told reporters on the sidelines of a power conference here today.
Brahma declined to quantify the amount to be raised through the FPO, but said, "we are aiming very high."
A senior company official had earlier said that the company was looking at raising Rs 2,000-crore through the QIP (Qualified Institutional Placement) route.
The proceeds of the FPO will be deployed to refinance existing rural electrification projects and ultra-mega power projects, Brahma said.
Asked on other sources of funding, he said "we are going to borrow from every where at the cheapest cost."
"REC plans to come out with its Follow-on Public Offer (FPO) by October-November to finance existing electrification projects," Secretary of Power, Harishankar Brahma, told reporters on the sidelines of a power conference here today.
Brahma declined to quantify the amount to be raised through the FPO, but said, "we are aiming very high."
A senior company official had earlier said that the company was looking at raising Rs 2,000-crore through the QIP (Qualified Institutional Placement) route.
The proceeds of the FPO will be deployed to refinance existing rural electrification projects and ultra-mega power projects, Brahma said.
Asked on other sources of funding, he said "we are going to borrow from every where at the cheapest cost."
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