Rural Electrification Corporation (RECL) Fund raising plan

Rural Electrification Corporation gained 1.17% to Rs 103.65 at 12:07 IST on BSE on reports the company would raise over Rs 16000 crore in the fiscal year 2008-09.

The stock hit a high of Rs 104 and a low of Rs 101.85 so far during the day. The stock had a 52-week high of Rs 128.40 on 12 March 2008 and a 52-week low of Rs 92.65 on 24 March 2008.

The company’s current equity is Rs 2,138.87 crore. Face value per share is Rs 10.

The current price of Rs 103.65 discounts its Q4 December 2007 EPS of Rs 8.42 with a PE multiple of 12.30.

REC’s rose 50.1% to Rs 164.29 crore on 52.5% growth in net sales to Rs 786.58 crore on Q4 December 2007 over Q4 December 2006.

The state run firm Rural Electrification Corporation (REC) is also planning to increase its borrowing limit to Rs 60,000 crore from the present Rs 45,000 crore, the reports added.

REC is a term lending institution and a government enterprise, is engaged in the business of lending to power projects.