The government will sell 10 per cent of its stake in Engineers India Ltd (EIL) on Friday, which is likely to fetch over '690 crore to the exchequer.
The government will sell 10 per cent of its stake in Engineers India Ltd (EIL) on Friday, which is likely to fetch over '690 crore to the exchequer.
The disinvestment will take place through Offer for Sale (OFS) route, the company said in a regulatory filing.
“The promoter of Engi-neers India Ltd (EIL) has submitted to BSE a copy of notice of Offer For Sale (OFS) of 3,36,93,660 equity shares of the company of face value of '5 each, representing 10 per cent of the total paid up equity share capital,” the filing said.
The offer would take place on the separate window of the stock exchanges on January 29, 2016, commencing at 9.15 am on the offer date and shall close on the same day at 3.30 pm.
The floor price or minimum offer price for share sale would be announced on Thursday. Shares of EIL closed at Rs 205.40 apiece on BSE on Wednesday.
