The issue of Engineers India (EIL) which closed yesterday was oversubscribed 2.83 times. Earlier, the government of India had launched on Feb. 6, 2014 the further public offering (FPO) of Engineers India for divestment of the 10% GOI equity holding in the company with a price band of Rs 145-150 a share of face value of Rs 5 with a discount of Rs 6 to the retail investors.

Out of the 33.6 million shares which were offered, bids were received for 95.3 million shares and thus the issue was oversubscribed 2.83 times.

In the Investor category-wise bids,  the qualified institutional buyers (QIBs) portion was subscribed 3.93 times and the retail individual investors 2.5 times. The further QIB demand break up at the top end of band i.e. Rs 150 is foreign institutional investors (FIIs) 19%, domestic financial institutions 74% and the mutual funds 7%. With the Issue price being fixed at Rs 150 a share, the Government would receive Rs 4.97 billion approximately towards disinvestment proceeds. With this divestment, the GOI holding in EIL would come down to 70.4%.

The book running lead managers (BRLMs) to the issue were ICICI Securities, IDFC Capital and Kotak Mahindra.

Shares of the company declined Rs 0.75, or 0.49%, to trade at Rs 153.25. The total volume of shares traded was 3,323 at the BSE (11.27 a.m., Friday).