REC IPO public offering of 15.6 crore shares

Rural Electrification Corporation, REC, a state run company, is coming out with an initial public offering of 15.6 crore shares to raise nearly Rs 1404.9-1639.05 crore

Open :Feb19 close:Feb22, 2008.

price band : Rs 90-105 per share,

India's economic growth forcast - expected to be at 8.7% for 2008.

India's economic growth is likely to stand at 8.7% for 2008 thanks to slow expansion in industrial output, said a government estimate released on Thursday.

It said the economic growth has been hit by high interest rates, and sluggish agriculture. The Gross Domestic Product (GDP) had grown at 9.6% in 2006-07, which was the highest in 18 years.

"GDP at factor cost at constant (1999-2000) prices in the year 2007-08 is likely to attain a level of Rs 31,14,452 crore as against Rs 28,64,310 crore in 2006-07,'' it said.

The GDP grew at 9.1 per cent during the first half of this fiscal. It grew at 9.3 per cent in the first quarter and 8.9 per cent in the next three-month period. The advance estimates showed a further moderation during the rest of the year.

The estimated growth rate is slightly higher than the conservative RBI projection of 8.5 per cent, but less than 9.1 per cent, projected by economic think tank NCAER.

Finance Minister P Chidambaram had earlier exuded confidence that the economy will grow close to 9% during 2007-08. High interest rates have b and reduced demand for consumer goods, affecting ma nufacturing growth.

The manufacturing sector is likely to grow at 9.4 % during the fiscal as against 12% last year. The advance estimates revealed that agri and allied activities are likely to expand at 2.6 % as against 3.8 % in the previous year.

GTL Infrastructure - Allotment of equity shares upon conversion of FCCBs

GTL Infrastructure Ltd has informed BSE that the Committee of Board at its meeting held on February 06, 2008, has considered and approved allotment of 26,67,420 Equity Shares consequent to conversion of FCCBs worth US$ 36,00,000 at a conversion price of Rs 53.04 per share, in terms of the Offering Circular dated November 24, 2007 for issue of U.S.$. 300,000,000 Zero Coupon Convertible Bonds due 2012.

CRISIL IPO grade 3/5 assigned to the IPO REC

Rural Electrification Corporation Ltd is a public sector non-banking finance company (NBFC). REC operates under the administrative control of the Ministry of Power (MoP) and is wholly-owned by the Government of India (GoI). Established in 1969 with the sole objective of financing rural electrification schemes in the country, it services its clients -through a network of 17 project offices spread across India.

For 2006-07, the company's fund-based income and net profits were Rs 28.3 billion and Rs 7.7 billion, respectively. The operating income of the company has grown at a CAGR of 11.4 per cent over the past 5 years, while PAT has grown at a CAGR of 14.5 per cent in the same period.

REC aims to raise Rs 14 billion to Rs 16 billion by this proposed public issue of 156,120,000 equity shares.

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BUY Yes Bank

Yes Bank Ltd has informed BSE that a meeting of the Capital Raising Committee of the Board of Directors of the Bank will be held on February 05, 2008, to consider raising of funds by way of issuance of up to 2 crore equity shares in one or more tranches by way of QIP and / or Preferential Allotment in accordance with the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

Indian Promoters: 34.09 Institutional Investors: 55.13 General Public: 6.70

Scrip Code : 532648 Company Name : YES BANK