Disinvestment of 10 per cent paid up equity capital in Engineers India Limited out of Government of India shareholding of 90.40 per cent
The Cabinet Committee on Economic Affairs today decided to disinvest 10% paid up equity capital of Engineers India Limited, out of Government’s shareholding, in the domestic market through Public Offering. After this disinvestment Government shareholding in the company would come down to 80.40%.
It has also been decided that before the Public Offering the company will take the following steps:
(a) Issue bonus two shares for every one share;
(b) Split one share of the face value of Rs.10 into two the face value of Rs.5 each; and
(c) Declare special dividend of 1000 percent of the paid up equity capital
Engineers India Limited is a Public Sector Undertaking under the Ministry of Petroleum & Natural Gas and is engaged in providing engineering and related technical services for petroleum refineries and other industrial projects. Government of India is holding 90.40% paid up equity capital of the company and the balance is held by the general public. The shares of the company are listed on the stock exchanges with less than 10% mandatory public shareholding.
