Engineers India FPO To Hit The Capital Market By July 27 2010 To Raise Around Rs 1000 crore (22-Jul-2010)
Indian-Commodity : Ipo : Engineers India FPO To Hit The Capital Market By July 27 2010 To Raise Around Rs 1000 crore
State-run Engineers India (EIL) is expecting to raise around Rs 1000 crore from the follow-on public offer (FPO) which is likely to hit the market by July 27, 2010. The public offer of 3.36 crore equity shares of Rs 5 each will open on July 27 and will close on July 29 for qualified institutional buyers (QIBs) and on July 30 for the rest.
The offer comprises 712,000 equity shares for the company employees who would be entitled to the 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.
At the current market price, the government is expected to raise about Rs 1,100-1,200 crore through the sale of 10 per cent stake in EIL. The government currently holds 90.4% stake in EIL, Post FPO its holding in EIL will decline to 80.4%.
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