The Rs 500 cr follow-on public offer of state-run Engineers India will stay start till Feb 12 due to the all-India 2-day bank strike. The problem, which has been completely subscribed, was supposed to close today.
“They provide was at the beginning scheduled to close on Feb 10, 2014. Though, the public sector banks have suggested a strike on 10, 11, Feb, 2014 owing to which bidders in the offer will not be able to publish bids through the public sector banks…” it said today in an advertisement.
ALSO READ: All-India banks on two-day strike from Monday
As on Friday the Engineers India offering was subscribed by 1.18 times led by bids from domestic institutions. The qualified institutional buyer (QIB) allowance was subscribed 2.26 times. Meanwhile, the high net worth individual (HNI) and retail outlet allowance had seen very few bids.
ALSO READ: Engineers India: Sound business, proper valuations
The Engineers India providing follows the very successful offering of Power Grid in Dec.
Both the FPOs were part of the government’s disinvestment programme for 2013-2014.
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