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The Cabinet Committee on Economic Affairs on Thursday gave its nod for 10 per cent stake sale in Engineers India Ltd. The follow-on public offer is likely to mop up nearly Rs 800 crore.
Finance Minister P. Chidambaram told media persons that the divestment in Engineers India is likely to be conducted through follow-on public issue route and “hopefully in the current financial year’’.
At present, the Government holds 80.40 per cent in the company. Engineers India stock was trading 3.48 per cent lower at Rs 230.40 a piece at around 2.40 p.m. on the Bombay Stock Exchange today.
Earlier, the Government sold part of its share in this company first during 1994-95 (Rs 67.53 crore) and later during 2010-11 (Rs 959.65 crore).
So far, the Government has approved disinvestment in 11 companies.
Out of this, disinvestment in the two unlisted companies (Rashtriya Ispat Nigam Ltd and Hindustan Aeronautics Ltd) are to be done through IPOs, while for the six listed ones (NTPC, Oil India, SAIL, MMTC, Nalco and Rashtriya Chemicals and Fertilisers Ltd) offer for sale through stock exchange or auction method will be used.
>richa.mishra@thehindu.co.in siddhartha.s@thehindu.co.in
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