The Government yet again will be diluting 10% equity stake in Engineers India (EIL), comprising of 3,36,93,660 shares out of shareholding of 80.40% through a follow-on public offer (FPO) that could see the exchequer raising around Rs 525 crore. Back in 2010, the Government offloaded 10% stake in the company. However, up to 5 of the public offering will be reserved for the employees of the company.
Meanwhile, the stake sale is expected to hit the market only around July as Department of Divestment (DoD) has just about initiated the process of appointing merchant bankers by inviting expression of interest.
EIL is an engineering consultancy company and EPC contractor in the fields of petroleum refining, petrochemicals, pipelines, oil & gas terminal & storages, mining & metallurgy and infrastructure projects.
