‘Worried’ Shinde discusses REC IPO with chairman

Amid companies shelving their IPO plans fearing market turbulence, which has also hit post-issue listings, the government is treading cautiously with the plan for state-run Rural Electrification Corp’s public offer.

“I called the chairman and managing director (of REC) to discuss the issue. I am concerned about the market conditions,” Power Minister Sushilkumar Shinde said on Wednesday when asked if the IPO could be deferred to a later date. Power Secretary Anil Razdan, however, said that a player like REC could be an answer to the turmoil the markets. Rural Electrification Corp CMD A Lakhina is currently in the US for the overseas investor roadshows for the IPO, Shinde said.