Govt to sell 10% stake in Engineers India
written by indianachu
at Friday, January 15, 2010
NEW DELHI: The government on Thursday decided to disinvest 10% of its holding in state-owned technical services company Engineers India Limited
(EIL) through a public offer. Post-issue , government’s shareholding in the company would come down to 80.40%.
The decisions was taken by Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Manmohan Singh.
EIL is a listed entity with government holding of 90.40% and balance holding with the general public. The decision to disinvest more government holding has been taken as the company at present has less than 10% mandatory public shareholding.
EIL shares closed 5% higher at Rs 1,738 on news of a possible disinvestment of government shares in the company. During the trading session the share also touched an all-timehigh of Rs 1,790 on the National Stock Exchange (NSE).
At the last closing price, the government could raise Rs 1,000 crore through divestment.
The decisions was taken by Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Manmohan Singh.
EIL is a listed entity with government holding of 90.40% and balance holding with the general public. The decision to disinvest more government holding has been taken as the company at present has less than 10% mandatory public shareholding.
EIL shares closed 5% higher at Rs 1,738 on news of a possible disinvestment of government shares in the company. During the trading session the share also touched an all-timehigh of Rs 1,790 on the National Stock Exchange (NSE).
At the last closing price, the government could raise Rs 1,000 crore through divestment.
vpost : 03
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