Govt approves 10% stake sale in Engineers India; stock slips

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Govt approves 10% stake sale in Engineers India; stock slips
Government today approved the disinvestment of 10% paid up equity in Engineers India Ltd. (EIL) out of its equity capital holding of 80.40% through a prospectus based Further Public Offering (FPO), in the domestic market as per SEBI Rules and Regulations.

Shares of the company slipped by 4% to Rs 229 on BSE at 3.00 pm IST. It touched an intra-day low of Rs 225.

After this disinvestment, Government of India's shareholding in the company would come down to 70.40 percent. The paid up equity capital of the company, as on 31st March, 2012 is Rs.168.47 crore

EIL is a listed "Mini-Ratna" Central Public Sector Enterprise under the administrative control of the Ministry of Petroleum and Natural Gas.

It is one of India's largest companies to provide design, engineering and related project management and consultancy services for the hydrocarbon sector and the process plants industry in the country.

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