Press Information Bureau

Government of India

Ministry of Finance

10-January, 2013 14:30 IST

The Cabinet Committee on Economic Affairs today approved the disinvestment of 10 percent paid up equity in Engineers India Ltd. (EIL) out of its equity capital holding of 80.40 percent through a prospectus based Further Public Offering (FPO), in the domestic market as per SEBI Rules and Regulations. After this disinvestment, Government of India’s shareholding in the company would come down to 70.40 percent. The paid up equity capital of the company, as on 31st March, 2012 is Rs.168.47 crore.

EIL is a listed “Mini-Ratna” Central Public Sector Enterprise under the administrative control of the Ministry of Petroleum and Natural Gas. It is one of India’s largest companies to provide design, engineering and related project management and consultancy services for the hydrocarbon sector and the process plants industry in the country.

 

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Disinvestment via further public offering reduces government shareholding under SEBI-regulated process in a listed central public sector enterprise Approval was granted for a prospectus-based Further Public Offering to disinvest ten percent of paid-up equity in Engineers India Ltd. in the domestic market in accordance with SEBI rules and regulations, reducing the Government of India's shareholding from eighty point four percent to seventy point four percent while the company remains a listed Mini-Ratna central public sector enterprise.