State-owned Rural Electrification Corporation (REC) on Thursday mentioned that it has been given shareholder's nod in order to raise Rs. 50,000 crore by the issuance of non-convertible debentures (NCDs). According to the company’s filling, shareholders agreed to the special resolution in the annual general meeting which was held on September 21,2016, for raising up to Rs. 50,000 crore via the issuance of unsecured, secured non-convertible bonds, debentures through private placement during a period of one year from the date of passing of the proposal. During the past month, the board of REC had cleared the fund raising plans. Also, shareholders approved the special resolution to increase the authorized share capital to Rs. 5,000 crore from existing Rs. 1,200 crore. The proposal for a bonus issue in the ratio of 1:1 to the shareholders was also given the approval in the AGM.
As on 23rd Sept, REC share price dipped by 0.10 per cent on NSE today, opened at Rs.247.00 from a previous closing of Rs.247.55.Till now, the day’s high and low of the stock is seen at Rs. 247.65 and Rs. 245.70.
The 52 week high value of REC share price is touched at Rs. 297.55 on 5th Oct ‘15 whereas the 52 week low value is seen on 152.25 on 17th Feb ‘16. The market cap of the company amounts to Rs. 24444.55 (Cr) and has a book value of Rs. 292.60. Within few minutes after the trading session commenced, around 85,735 shares were exchanged in the counter with a traded value of Rs. 211.66 lacs.
REC is analyzed by Dynamic Levels as the top 500 performing stocks for the June quarter among the 1700 stocks which are listed on the NSE. REC is fundamentally strong and is safe for investment, as per Dynamic analysts.
In order to acquire more details on the support and resistance levels and also the fundamentals and financials of the stock, kindly refer to REC share price forecast.
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