EIL offers equity to employees at discounted rate -Governance Now

EIL offers equity to employees at discounted rate

The government will garner Rs 31.5 crore through offloading of shares

GN Bureau | September 12, 2016

#shares #equity #EIL

State-owned Engineers India Ltd (EIL) will sell part of the government stake to its eligible employees at a discounted price of Rs 187.29 per unit. The move, which is a part of the disinvestment process, will fetch about Rs 31.5 crore to the exchequer.

As per the Cabinet approval, the company has offered 16.8 lakh share of Rs 5 each for subscription. The offer for sale shares shall remain open from September 15 to 23.

Earlier in January, the government nearly sold 10 percent stake in EIL through offer for sale. It helped the government to mobilise about Rs 640 crore.

The offer for sale of over 3.36 crore shares drew response from both institutional and retail investors, generating demand for over 8.56 crore shares.

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