Rec divestment next on cards

The Rural Electrification Corporation (REC) would be next firm on the block on the government’s disvinvestment programme.

The Rural Electrification Corporation (REC) would be next firm on the block on the government’s disvinvestment programme.

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The Cabinet Committee on Economic Affairs on Thursday is likely to take up the proposal for a Rs 3,000 crore follow-on public offer that would involve a fresh issue of shares of more than 10 per cent in addition to divestment of about 10 per cent stake. The move is likely to fetch the government, which holds an 81.82 per cent stake, about Rs 1,500 crore.