Engineers India's FPO opens for subscription

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State-run Engineers India 's 334 lakh shares follow-on public offer has opened today for subscription. The price band for the issue, which closes on July 30, is at Rs 270-290 per share.

It is an engineering consultancy company providing design, engineering, procurement, construction and integrated project management services, principally focused on the oil and gas and petrochemicals industries in India and internationally.

Retail investors will get a 5% discount on the issue price, which will be discovered through the book building process. The government aims to garner Rs 950 crore from the 10% stake sale.

Company has fixed July 29 as closing date for qualified institutional investors and July 30 for retail & non-institutional investors.

Entire issue proceeds will get by government against 10% dilution through this public offer and their shareholding will be 80.40% post issue.

ICICI Securities Ltd, HSBC Securities & Capital Markets India Pvt Ltd, IDFC Capital Ltd and SBI Capital Markets Ltd are book running lead managers to the issue. Link Intime India Pvt Ltd is the registrar.

The share closed down 6.19% or Rs 20.90 at Rs 316.75 on Monday.