State-run Rural Electrification Corp (REC) today said its follow-on public offer (FPO) to raise Rs 3,200 crore is likely to come up by January, 2010.

"The FPO can be expected by the end of January, 2010," company's Director (Finance) H D Khunteta said. The company would utilise the funds from the FPO to disburse loans to power projects.

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REC would issue about 17 crore shares of Rs 10 face value each. Considering the current market situation, the company is hoping to fetch about Rs 2,900 crore through premium to be decided later.

Earlier, REC had requested the power ministry to raise fresh equity of 20 per cent of the existing capital of Rs 858 crore either through Qualified Institutional Placement (QIP) or FPO.

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