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.
EngineersInd stock price
On November 26, 2015, Engineers India closed at Rs 217.70, up Rs 7.10, or 3.37 percent. The 52-week high of the share was Rs 250.00 and the 52-week low was Rs 157.90.
The company's trailing 12-month (TTM) EPS was at Rs 8.76 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 24.85. The latest book value of the company is Rs 76.21 per share. At current value, the price-to-book value of the company is 2.86.
Set email alert for
ADS BY GOOGLE
video of the day
Like Bank Nifty; mkt has strong support at 7700: PhillipCap