Centre eyes Rs 977cr from EIL

Jul 27, 2010 |

Correspondent

The government expects to mop-up Rs 977 crore from the 10 per cent disinvestment in state-run Engineers India Limited (EIL). “We expect to mop-up Rs 977 crore from EIL disinvestment,” the disinvestment secretary, Mr Sumit Bose, said at the EIL press conference on its follow-on-public offer. EIL’s public offer of 33.69 million equity shares opened on Tuesday and will close on July 29 for qualified institutional buyers and on July 30 for the rest . The government has set Rs 270-290 as the price band for the FPO. The government holds 90.4 per cent stake in EIL, which provides design and engineering services for petroleum and power firms.

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