Shares of Engineers India were up nearly 4% at Rs 150 ahead of the follow-on public offer that will hit the capital market scheduled for February 6.
The follow-on public offer (FPO) of Engineers India Ltd (EIL) will hit the capital market on February 6, a top official said today. The government will sell 10 per cent stake in Engineers India Ltd (EIL) through FPO route, that is expected to fetch Rs 500 crore.
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"The FPO will open on February 6. It will remain open for three days," Petroleum Secretary Vivek Rae told reporters here. The Empowered Group of Ministers, headed by Finance Minister P Chidambaram, today decided on the price band and timing of the issue.
The price band will be disclosed after the close of market hours today, Rae said.
CLARIFICATION
The price of Engineeers India was wrongly mentioned as Rs 350. The price has been corrected to Rs 150. We regret the error.
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