Zee Media Bureau
New Delhi: The government on Tuesday set the issue floor price of Rural Electrification Corporation Ltd (REC) at Rs 315 a share for which the stake sale will be held on Wednesday.
The government plans to sell 5 percent of its stake in the company tomorrow to mop up close to Rs 1,600 crore.
This will mark the government's first disinvestment in the current financial year.
Post the announcement to sale 5 percent stake in the company, shares of REC fell by 5 percent in the trades today.
After falling 4.57 percent to Rs 320.25 in intra-day trade on the BSE, shares of REC finally ended at Rs 321.65, down 4.16 percent.
"The offer shall take place during trading hours on a separate window of the stock exchanges and shall commence on April 8," REC had said in a filing to the BSE.
