Engineers India
Ltd (EIL) issue oversubscribed 2.83 times; Government to receive Rs. 497.3
Crore through Divestment of its 10% Equity in EIL.
The
issue of Engineers India Ltd. (EIL) which closed yesterday was oversubscribed
2.83 times. Earlier, the Government of India had launched on 6th February, 2014
the Further Public Offering (FPO) of Engineers India Ltd. (EIL) for divestment
of the 10% GOI equity holding in the Company with a price band of Rs. 145-150
per share of face value of Rs. 5/- with a discount of Rs. 6/- to the retail
investors. Out of the 33693660 shares (3.36 Cr. shares) which were offered,
bids were received for 95367000 shares (9.53Cr. shares) and thus the Issue was
oversubscribed 2.83 times. In the Investor category-wise bids – the Qualified
Institutional Buyers (QIBs) portion was subscribed 3.93 times and the retail
individual investors 2.5 times. The further QIB demand break up at the top end
of band i.e. Rs. 150/- is Foreign Institutional Investors (FIIs) 19%, Domestic
Financial Institutions 74% and the Mutual Funds 7%. With the Issue price being
fixed at Rs. 150 per share, the Government would receive Rs. 497.3 Crore
approximately towards disinvestment proceeds. With this divestment, the GOI
holding in EIL would come down to 70.4%.
The Book Running Lead Managers (BRLMs) to the Issue were ICICI Securities, IDFC Capital and Kotak Mahindra.
The Book Running Lead Managers (BRLMs) to the Issue were ICICI Securities, IDFC Capital and Kotak Mahindra.
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