PIB Press Release dated 14 January 2010- Disinvestment of 10% paid-up equity capital in Engineers India Ltd. (EIL) out of Government of India’s shareholding of 90.40%
The Cabinet Committee on Economic Affairs (CCEA) approved the proposal for disinvestment of 10% paid-up equity capital of Engineers India Ltd., out of Government’s shareholding in the domestic market through Public Offering. After this disinvestment, the 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:
- Issue two bonus shares for every one share;
- Split one share of the face value of Rs. 10 into two, the face value of Rs.5 each; and
- Declare special dividend of 1000% of the paid-up equity capital
Engineers India Ltd. is a PSE under the Ministry of Petroleum & Natural Gas and is engaged in providing engineering and related technical services for petroleum refineries and other industrial projects. The 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.
Link is being provided for easy reference to EIL website: