From correspondents in Maharashtra, India, 02:03 PM IST

State-run Rural Electrification Corp (REC) Friday filed a draft red herring prospectus with the markets regulator for a follow-on public offer to offload 20 percent of the government's stake.

REC, in which the state holds about 82 percent stake, said in a regulatory statement that the offer will be for 171,732,000 equity shares of Rs.10 each, constituting 20 percent of existing paid-up capital.

The government is aiming for partial divestment in at least three public sector power utilities -- REC, NTPC and Sutlej Jal Vidyut Nigam -- by the end of this fiscal.

(Staff Writer, © IANS)