The government has set a price range of Rs.145-150 a share for the sale of 10 per cent stake in Engineers India Ltd (EIL) starting on Thursday, aimed at garnering about Rs.500 crore.
“In connection with the EIL’s further public offer (FPO) of 3.37 crore equity shares through an offer for sale...the Empowered Group of Ministers (EGoM) has fixed the price band at Rs.145-150,” the oil consultancy firm said in a BSE filing.
The price band was fixed during the EGoM meeting chaired by Finance Minister P. Chidambaram.
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EIL said a discount of Rs.6 a share would be offered to retail investors and employees. The government plans to reserve 5 per cent of the offer for employees.
EIL shares gained 3.98 per cent to Rs.150.30 at the close on the BSE on Tuesday, valuing the company at Rs.5,064 crore.
The offer would start on February 6, and will remain open for three days, Petroleum Secretary Vivek Rae told reporters. — PTI
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