The State run Rural Electrification Corporation has said that it has received an approval from its board to take measures for the completion of its follow on public offer process.
The board has given its approval for the appointment of intermediaries as may be required for expeditious completion of FPO process pending receipt of approval of the Government of India.
REC in a filing to Bombay Stock Exchange said that the board took a decision in this regard on September 19th 2009. The company is looking to raise around INR 2,900 crore through the FPO which is likely to come up by the end of the current fiscal.
The company wants the capital raised to disburse loans to power projects.
(Sourced from Business Line)
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