Engineers India fixes FPO price at Rs 290

Engineers India Ltd (EIL) has announced in connection with the further public offer of 33,693,660 Equity Shares through an offer for sale by the President of India, acting through the Ministry of Petroleum and Natural Gas, Government of India, in accordance with the requirements of the Companies Act, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended from time to time (the "SEBI Regulations") and other Applicable Laws (the "Offer").

The Offer comprises a net offer to the public of 32,981,660 Equity Shares and a reservation of 712,000 Equity Shares for subscription by eligible employees (as defined in the Red Herring Prospectus dated July 09, 2010).

In relation to the Offer, the Empowered Group of Ministers ("EGoM") in its meeting held on August 02, 2010, has decided the offer price for the Offer at Rs. 290/- (Rupees two hundred and ninety) per Equity Share ("Offer Price"). The EGoM has also decided to offer a discount of 5% to the Offer Price to Employees and Retail Investors.

The stock was trading at Rs.326.50, down by Rs.0.60 or 0.18%. The stock hit an intraday high of Rs.328 and low of Rs.323.10.

The total traded quantity was 0.17 lakh compared to 2 week average of 3.12 lakhs.

Source : Equity Bulls

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