Engineers India fell 3.77% to Rs 197.65 at 10:02 IST on BSE after the company said that the government will be diluting its stake in the firm through an offer for sale tomorrow, 29 January 2016.
The announcement was made after market hours yesterday, 27 January 2016.Meanwhile, the BSE Sensex was down 13.15 points, or 0.05%, to 24,479.24.
On BSE, so far 31,000 shares were traded in the counter, compared with an average volume of 80,451 shares in the past one quarter. The stock hit a high of Rs 199.20 and a low of Rs 195.30 so far during the day. The stock hit a 52-week high of Rs 252 on 1 January 2016. The stock hit a 52-week low of Rs 157.90 on 25 August 2015. The stock had underperformed the market over the past one month till 27 January 2016, sliding 9.63% compared with 5.21% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 1.91% as against Sensex's 10.13% fall.
The mid-cap company has an equity capital of Rs 168.47 crore. Face value per share is Rs 5.
The Government of India, the promoter of Engineers India, announced that it will pare its stake in the company through an offer for sale (OFS) via the separate window provided by the stock exchanges for the purpose. GoI will sell 3.36 crore shares of EIL, constituting 10% of the company's equity, through the stock exchanges mechanism tomorrow, 29 January 2016. GoI currently holds 69.37% stake in EIL (as per the shareholding patter as on 31 December 2015).
State-run Engineers India provides engineering consultancy and EPC services, mainly to the oil and gas and petrochemical industries. The company has also diversified into sectors like infrastructure, water and waste management, solar and nuclear power and fertilizers to leverage its strong technical competencies and track record. The Government of India holds 69.37% stake in EIL (as per the shareholding patter as on 31 December 2015).
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