Govt to sell 10% stake in Engineers India  

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. 

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