Engineers India Ltd has orders worth Rs 3,232 cr in hand: Media Report

Engineers India Ltd, which is raising around Rs 500 crore through follow-on public offer route, said it has orders worth Rs 3,232 crore in hand, reported PTI.

"Our order book as of September, 2013 was Rs 3,232 crore. In addition, we have been awarded several contracts," Engineers India Ltd (EIL) Chairman and Managing Director A K Purwaha told reporters after launching the company's FPO.

EIL's follow-on-offer (FPO) will hit capital markets on February 6 and closes on February 10. "We intend to leverage our engineering consultancy, EPC capabilities to selectively diversify into other potential project segments as part of our strategic initiatives for enhanced growth and diversification.

"We intend to focus on specific project segments and industries like power-solar and nuclear, oil and gas exploration, gas based fertiliser projects and LNG, Purwaha said.

We have operation in various international geographies such as the Middle East, North Africa and South East Asia and we continue to focus on further expansion of our international business, he said.

The government plans to sell 3.36 crore EIL shares, with up to 5 per cent of the offer reserved for employees. The government has set a price range of Rs 145-150 a share for the FPO. It will also offer a discount of Rs 6 on the offer price to retail bidders and eligible employees.

The government holds 80.4 per cent in the mini-ratna public sector undertaking. In 2010, it had divested 10 per cent of its stake in EIL through an FPO.

Dion Global Solutions Ltd.

Read more about: engineers india, fpo, eil, capital markets
Story first published: Thursday, February 6, 2014, 9:11 [IST]
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