The Cabinet Committee on Economic Affairs (CCEA) has approved a proposal to sell 10% government stake in Engineers India. This will be done through a follow-on public offering (FPO), and will only involve the sale of government stake, and not a fresh issue.
Before the public offering, however, EIL will issue two bonus shares for every one share held in the company. It will also split the existing share, which has a face value of Rs 10, into two shares of Rs 5 each.
At 10:20 am the share was quoting at Rs 2,079.70, up Rs 346.60, or 20.00%
In addition, EIL will declare a 1,000% special dividend.
After the FPO, the government's stake in the company will come down to 80.4% from the current 90.4%. The issue is likely to hit the market in April or May.
Source: Moneycontrol.comCourtesy moneycontrol.com
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