The Government on Friday raised Rs 637 crore through 10 per cent stake sale in Engineers India (EIl) with its offer for sale getting subscribed by an impressive 2.54 times. The offer for sale of over 3.36 crore shares drew enthusiastic response from both institutional and retail investors, generating demand for over 8.56 crore shares.
At the floor price of Rs 189 apiece, the sale of over 3.36 crore shares would fetch around Rs 637 crore to the Exchequer, considering 5 per cent discount being offered to retail shareholders. According to the stock exchange data, EIl share sale received bids for over 8.56 crore shares, representing 2.54 times the total shares on offer.
Institutional investors bid for over 5.91 crore shares, against 2.69 crore shares on offer. The portion was subscribed 2.20 times. Retail investors bid for 3.92 times the shares reserved for them. Bids came in for over 2.64 crore shares as against 67.38 lakh shares on offer.