28 January 2016

Engineers India OFS -- AVOID - likely to go lower

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Engineers India Limited
SymbolENGINERSIN
Series - Non RetailIS
Series - RetailRS
Number of shares being offered for sale3,36,93,660 equity shares of Rs 10 each
Reservation portion for Retail20% of offer size
Discount to Retail5% for RS series
Maximum Bid Quantity3,36,93,660 equity shares
Name of the Seller (s)The President of India, acting through and represented by the Ministry of Petroleum and Natural Gas, Government of India
Name of the broker (s) on behalf the seller1. SBICAP Securities Limited 2. ICIC Securities Limited 3. Edelweiss Securities Limited 4. Deutsche Equities India Private Limited
Face ValueRs 10
ISININE510A01028
Date of offer29-01-2016
Floor PriceRs 189
Market Lot1 Equity Share
Tick SizeRs 0.05
OFS Bidding Time09:15 AM to 15:30 PM

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Engineers India Ltd
 was set up in 1965 to provide engineering and related technical services for petroleum refineries and other industrial projects. The company has also diversified into sectors like infrastructure, water and waste management, solar & nuclear power and fertilizers to leverage its strong technical competencies and track record.
The company is set to raise Rs. 690 crores through offer for sale in 2016. Following are the details of the issue:
Issue Date
January 29th, 2016
Floor Price
The Seller shall provide the Floor price for the sale on 28th January 2016 latest by 5.00 pm, IST, to Stock Exchanges and the stock Exchanges shall inform the market immediately.
Issue Size
3,36,93,660 equity shares

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