Engineers India’s FPO gets half subscribed on Day 2 of the issue (28-Jul-2010)
State-run Engineers India follow-on public offering (FPO) of 33,693,660 shares which opened for subscription on July 27, 2010 in a price band of Rs 270-290 per equity share has got half subscribed on Day 2 of its issue.
The issue which will closed on July 30, 2010 has been subscribed 0.51 times .It has received 17133080 bids against the issue size of 33693660 shares, 905620 bids have been received at the cut off price, as per the data available on NSE website at 17.00 pm.
The offer comprises 712,000 equity shares for the company employees who would be entitled to the similar discount that retail investors will get in the offer that is being done through book building route.
HSBC Holdings Plc, ICICI Securities, SBI Capital Markets and IDFC Capital are book running lead managers for the FPO.
The object of the issue is to carry out the divestment of 33,693,660 Equity Shares by the Selling Shareholder. The Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder.
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