EGoM clears 10pc stake sale in Engineers India

NEW DELHI, Feb 1 (ET Bureau): The government on Thursday cleared the decks for 10 per cent stake sale in Engineers India through a follow on public offer (FPO) that is expected to fetch Rs 5.0 billion.

Disinvestment secretary, Ravi Mathur said that the proposal was cleared by an empowered group of ministers (EGoM) headed by finance minister P Chidambaram.

The company's scrip closed at Rs 146.45 down 2.33 per cent at the NSE on Thursday. The government plans to disinvest 30.36 million EIL shares, with up to 5 per cent of the offer reserved for employees.