Engineers India offering closing date extended due to bank strike

The issue, which was to be closed on Feb 10, will now remain open till Feb 12

The Rs 500-crore follow-on public offer of state-run Engineers India would remain open till February 12, due to the nationwide two-day bank employee strike. The issue, which has been fully subscribed, was supposed to close on Monday.

“The offer was initially scheduled to close on February 10. However, the public sector banks have proposed a strike on February 10, 2014, and February 11, 2014, owing to which bidders in the offer will not be able to submit bids through the public sector banks...” Engineers India said in an advertisement on Monday.

As on Friday, the Engineers India offering was subscribed 1.18 times, led by bids from domestic institutions. The qualified institutional buyer quota was subscribed 2.26 times.

Meanwhile, the high networth individual and retail quota had seen very few bids.

The Engineers India offering, follows the very successful offering of Power Grid in December.

Both the FPOs were part of the government's disinvestment programme for 2013-14.