REC brings Luthra on board for FPO Amarchand and Ashurst advise underwriters

The Rural Electrification Corporation Limited (REC), a listed Public Sector Enterprise (PSE), today filed a draft Red Herring Prospectus (DRHP) with the SEBI, National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Ltd. (BSE) in connection with its Follow-on Public Offer (FPO). REC is offering equity shares constituting 20 percent of the existing paid-up capital. REC plans to raise Rs 3,200 crore ($694 million) through this issue.

Luthra & Luthra Delhi advised REC on this FPO. Amarchand Mangaldas, Delhi, previously acted as domestic legal counsel to REC's issue in 2007, while Ashurst, London acted as the international counsel for the IPO. This time around, Luthra has been brought on board to advise the company, while Amarchand and Ashurst are acting for the underwriters as domestic and international counsel respectively.

Delhi Partner Madhurima Mukherjee led the Luthra team, consisting of Senior Associates Jitesh Shahani and Sudeshna Chatterjee with Associates  Kaushik Laik and Raghvendra Singh.