Engineers India touched a 52-week high of Rs 2,079.70. At 10:20 am, the share was quoting at Rs 2,079.70, up Rs 346.60, or 20%.
The Cabinet Committee on Economic Affairs has approved a proposal to sell 10% government stake in Engineers India, reports CNBC-TV18.
There were pending buy orders of 78,442 shares, with no sellers available.
It was trading with volumes of 43,967 shares, compared to its five-day average of 19,784 shares, an increase of 122.23%.
Yesterday the share closed up 4.40% or Rs 73.05 at Rs 1,733.10.
The Cabinet Committee on Economic Affairs 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.
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.
| Share Price Movement During The Last 12 Months | ||||
| Period | Price | Latest Price | Gain/Loss (Rs.) | % Gain/Loss |
| 3-Days | 1654.25 | 2079.70 | 425.45 | 25.72 |
| 5-Days | 1548.60 | 2079.70 | 531.10 | 34.30 |
| 7-Days | 1547.55 | 2079.70 | 532.15 | 34.39 |
| 15-Days | 1544.55 | 2079.70 | 535.15 | 34.65 |
| 1-Month | 1379.75 | 2079.70 | 699.95 | 50.73 |
| 3-Month | 1167.90 | 2079.70 | 911.80 | 78.07 |
| 6-Month | 950.70 | 2079.70 | 1,129.00 | 118.75 |
| 9-Month | 636.00 | 2079.70 | 1,443.70 | 227.00 |
| 1-Year | 446.40 | 2079.70 | 1,633.30 | 365.88 |
Courtesy moneycontrol.com
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