P Uma Shankar, CMD of REC (Rural Electrification Corporation) said the company would be filing a draft red herring prospectus (DRHP) with SEBI by mid-December 2009, reports CNBC-TV18's Mehak Kasbekar.

FPO (follow-on-public offering) would hit market by February 2010 and FPO would have 17.17 crore shares, he added.

He also said employees could avail stock up to Rs 1 lakh per FPO, and the company would reserve 50% for QIBs (qualified institutional buyers), 15% for HNI (high networth individual) and 35% for retail investors in FPO.

REC will divest 20% via FPO including 15% fresh equity and 5% government stake dilution.