'REC share offer by feb'

New Delhi, Nov. 4 -- The follow-on public offer (FPO) of shares by Rural Electrification Corporation (REC) is likely to hit the markets by February and the company will approach market regulator SEBI by mid-December in this regard.

"REC would file the Draft Red Herring Prospectus with SEBI by mid-December and the company plans to hit the market by February next year," said, Uma Shankar, chairman and MD, REC.

The offer, comprising 15 per cent fresh equity and five per cent disinvestment by the government, would fetch around Rs 3,450.09 crore at the ruling market prices. When asked about the offer price, Chidambaram said it would be decided by the Empowered Group of Ministers headed by Finance Minister Pranab Mukherjee.