Govt sets EIL FPO price band at Rs 270-290

The government today set Rs 270-290 as the price band for the follow-on public offering of state-run Engineer India Ltd.

A Group of Ministers headed by Finance Minister Pranab Mukherjee set the price band at a discount to Friday's closing of Rs 337.65 for the sale of government's 10 per cent shareholding in the engineering consultancy firm.

The government will raise about Rs 9,000 crore at the lower end of the price band and over Rs 9,700 crore at the upper end, official sources said.

EIL's public offer of 33.69 million equity shares will open on July 27 and close on July 29 for qualified institutional buyers and on July 30 for the rest (retail and HNIs).

The Government holds 90.4 per cent stake in EIL, which provides design and engineering services for petroleum, power and fertiliser companies.
Post fpo, government holding in EIL will fall to 80.4 per cent. Sources said 712,000 equity shares had been reserved for EIL employees

Source: The Statesman, Delhi, 26 July, 2010
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