Engineers India Ltd (EIL) expected to raise Rs 1,100-1,200 crore from the upcoming follow-on public offer (FPO). The public sector undertaking was going to file a draft red-herring prospectus for the issue in mid-June and the issue was expected to hit the markets by the end of July, said AK Purwaha, chairman and MD of EIL on the sidelines of a CII event.
Purwaha also said the unfavourable market conditions would not cause any delay in the FPO. The government is expected to sell 10 per cent stake through this FPO.
At present, the government stake in EIL is 94.4 per cent.
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