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Oct 20, 2012, 08.31 AM IST
The finance ministry has proposed a 10% stake sale in Engineers India or EIL via a FPO. In fact, the ministry has sent a proposal on this to the Cabinet Committee on Economic Affairs (CCEA). The finance ministry has also suggested a 5% discount for retail investors.
The oil ministry, sources say, has agreed to the EIL disinvestment but with one condition. The oil ministry wants EIL FPO to be only after the government disinvests stake in two other PSUs. The finance ministry is hoping to rake in Rs 800 crore from the EIL FPO. The government plans to sell 3.36 crore shares via the FPO after which its holding in EIL will be at 70.4%. The CCEA proposals says EIL’s FPO will be out within six months of SEBI approval.
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