Business

Engineers India Limited (EIL) OFS getting oversubscribed 2.54 times

Engineers India Limited (EIL) OFS getting oversubscribed 2.54 times

 Engineers India Limited (EIL) OFS getting oversubscribed 2.54 times

The first CPSE disinvestment of the last quarter of the fiscal year 2015-16 got off to a thumping start today with the Engineers India Limited (EIL) OFS getting oversubscribed 2.54 times.

On offer was 10% paid up capital of the company comprising 33, 69, 36,600 shares, each of Fv of Rs 5. Out of the shares offered for sale, 20% were reserved for retail investors i.e. those investors who placed bids for shares of total value of not more than Rs 2.00 lakh.  In addition a 5% discount was also offered to retail investors on price bid.

With this disinvestment, the GOI share in EIL will come down to 59.37%.

At the end of the day with total subscription of Rs 1641.52 crores the issue stood oversubscribed by 2.54 times.

The investor enthusiasm for the issue is borne out by the fact that the indicative price for was Rs 190.63 which is above the floor price. The previous day (28/01/2016) closing price was Rs 194.05 (BSE)/ Rs 193.65 (NSE) and floor price was fixed at Rs 189.

The highlight of the issue has been the overwhelming retail investor participation of 3.92 times amounting to Rs 513.08 crores. The non retail participation was an impressive 2.20 times amounting to Rs 1128 crores.

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