The employees of state-owned Engineers India Ltd (EIL) are all set to reap benefits of disinvestment process as the government is offering them 16.8 lakh shares of face value of Rs. 5 each at a discounted price of Rs. 187.29 per equity share. The offloading of shares will fetch about Rs 31.5 crore to the exchequer.
The offer-for-sale shall remain available to EIL employees from September 15 to 23.
The EIL provides engineering consultancy and EPC services. The offer-for-sale has come in response to the overwhelming response from both institutional and retail investors to the government’s earlier stake-sale of nearly 10 per cent worth over 3.36 crore shares in January this year through which it mobilised about Rs. 640 crore.
The Government owns 59.37 per cent stake in the PSU. The disinvestment of EIL was approved by the Cabinet Committee on Economic Affairs in May 2015.