The government's 10 per cent share sale in Engineers India Ltd (EIL) garnered bids for 2.83 times the shares on offer on the final day on Wednesday, raking in Rs 500 crore to the exchequer. Bids for over 95.2 million shares were received, accounting for 2.83 times the shares on offer, showed data on the National Stock Exchange.
The government is selling 33.6 million shares or 10 per cent of its stake in EIL through a follow-on public offer and the price band is Rs 145-150 apiece. At the upper end of the band, the sale would fetch Rs 500 crore to the exchequer.
As much as 35 per cent of the issue size is reserved for retail investors. The government, which currently holds 80.4 per cent in the miniratna company, had divested a 10 per cent stake in 2010. In January last year, the government decided on for further disinvestment.
