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Shares in Rural Electrification Corp gained as much as 4.9 per cent on Thursday early trade after the Government sold a 5 per cent stake in the company and investors bid for more than five times the number of shares on offer.
Also, REC's equity futures attract long positions, Reuters data shows.
Investors, retail as well as institutional, bid for more than 273.1 million shares of REC versus the issue size of about 49.3 million, exchange data showed. The institutional portion was oversubscribed 4.66 times, while the retail portion saw the record subscription of 9.02 times.
At 10.35 am, REC shares were trading up 3.42 per cent or Rs 11.30 at Rs 341.35 on the BSE.
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