Engineers India Ltd announced a price band of ₹145-150 for its follow-on public offer (FPO) of 3.36 crore shares on Wednesday. The offer comprises 10 per cent of the company’s paid-up capital.
The offer opens on Thursday and closes on February 10 for all categories of investors.
Five lakh shares have been earmarked for employees. This leaves a net offer to the public of 3.31 crore shares.
The company also announced a discount of ₹6 a share on the offer price for retail investors and employees.
Being an offer-for-sale by the Government, there is no dilution of equity.
The selling shareholder in this case is the Ministry of Petroleum and Natural Gas.
Incorporated in 1965, Engineers India Ltd is in the business of providing design, engineering, procurement, construction and integrated project management services to oil and gas, petrochemicals, fertilisers and liquefied natural gas (LNG) industry segments.
ICICI Securities, IDFC Capital and Kotak Mahindra Capital Company are the book running lead managers to the issue while Karvy is the registrar.