Engineers India Limited (EIL) has dipped almost 6% to Rs 225 in noon deals after the Cabinet Committee on Economic Affairs (CCEA) approved the sale of 10% stake in the state-owned company.
The stock opened at Rs 240 and hit a high of Rs 245 on back of heavy volumes. A combined 885,000 shares have already changed hands on the counter so far against an average less than 200,000 shares that were traded daily in past ten trading sessions.
Government currently holds 80.40% stake in EIL, expect to raise about Rs 766 crore via follow-on public offer (FPO) or the recently introduced offer for sale through stock exchange or auction method.
Earlier, the government had offered over 40% discount for selling its 5.58% stake in Hindustan Copper, while it offered around 8% discount for offloading its 10% stake in NMDC.
