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Engineers India Ltd Offer for Sale (OFS) opens on 29 Jan 2016

Published on Wednesday, January 27, 2016 by Dilip Davda

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Engineers India Ltd Offer for Sale (OFS) opens on 29 Jan 2016

Government has informed exchanges for its plans to dilute 10% stake (33693660 equity shares of Rs. 5 each) of Engineers India Ltd (EIL). Dilution will take place by way of Offer for Sale (OFS) that is scheduled to open on 29.01.16 (Friday) and will be on from 9.15am to 15.30 pm on that day.

Seller promoter is The President of India acting through and representated by the Ministry of Petroleum and Natural Gas,Government of India. Selling brokers include SBICAP Securities Ltd, ICICI Securities Ltd, Edelweiss Securities Ltd and Deutsche Equities India Pvt Ltd. Allotment will be made on price priority basis. Reservation for retail investors is 20% of the issue size (i.e. 6738732 shares). Retail investors are eligible for 5% discount on the Cut-Off price. Pricing of the OFS will be announced by 28th January evening at 17.00 hrs post closure of the market. Minimum bid size will be 1 share and the maximum will be 33693660 shares.

Share closed at Rs. 205.40 on Wednesday 27.01.16 and based on it GoI is likely to mobilize around Rs. 688 crore.

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About Author

DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published here. Any reader taking decisions based on any information published here does so entirely at own risk. Investors should bear in mind that any investment in stock markets are subject to unpredictable market related risks. Above information is based on RHP and other documents available as of date coupled with market perception. Author has no plans to invest in this offer.

(SEBI registered Research Analyst-Mumbai).


About Dilip Davda

Dilip Davda, a freelance journalist

Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.

Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detail fundamental and financial analysis of companies coming up with IPO helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.

Email: dilip_davda@rediffmail.com


13 Comments

13. vishal rajgor  Feb 16, 2016 10:36 I Like It. | Report Abuse Reply
Does anybody have the status of allotment, I have not got the refund nor there is any status of allotment, whom should i complain about it.
13.1. Ram  Feb 16, 2016 22:51 I Like It. | Report Abuse
I am also waiting for someone''s reply as no information is available
12. Ram  Feb 3, 2016 12:53 I Like It. | Report Abuse Reply
can any one please update when will the allotment happen?
11. Prav  Feb 1, 2016 23:48 I Like It. | Report Abuse Reply
Could Any successful bidders tell me at what price the allotment was made.
10. S K LIMAYE  Feb 1, 2016 14:42 I Like It. | Report Abuse Reply
I had applied for 57 shares at Rs189/- apiece.An odd amount of Rs10826.87p was debited
from my acount and credited later on after four hours.What was the rate applied ? Why no allotment ? Application was through Axis Direct.
9. s k limaye  Feb 1, 2016 14:37 I Like It. | Report Abuse Reply
I applied for 57 shares through Axis Direct.Rs10826.87p was intitially debited and then credited after four hours.How this amount was arrived ? And why no allotment ?
Can''t get the head and tail of it !
9.1. manoranjan rajguru  Feb 4, 2016 07:32 I Like It. | Report Abuse
Hi

This is beca, Amount was calculated as 189*47 + brokerage (2.25%) . And you didnt got any allocation becaindicative price was at 197 .

Thanks
IPO Support Team
8. aarkeey  Jan 31, 2016 21:25 I Like It. | Report Abuse Reply
Applied OFS through icicidirect.com at cut off. But no amount blocked and order status says "expied".
8.1. VSK  Feb 1, 2016 13:08 I Like It. | Report Abuse
Same is the case with me. Why no allotment? For investors bidding at cut-off, the allotment should happen at the discovered price.
8.2. VG  Feb 16, 2016 10:19 I Like It. | Report Abuse
Same happened to me, and WHAT A RELIEF the cmp is 154! (16 Feb 16)
7. Sourabh  Jan 31, 2016 17:31 I Like It. | Report Abuse Reply
How to check allotment of engineer india ofs
6. bangalore king  Jan 29, 2016 23:08 I Like It. | Report Abuse Reply
Crazy retailers the way they have bidded I see price of 195.5 for this while it closed today at 191.45 !
5. San  Jan 29, 2016 19:56 I Like It. | Report Abuse Reply
When allotment for this haapen
5.1. MGMODH  Feb 1, 2016 11:13 I Like It. | Report Abuse
I HAVE APPLIED FOR 100 SHARES@ RS-189.00
4. Jp  Jan 29, 2016 17:18 I Like It. | Report Abuse Reply
Cut off is 197.20
3. Rahul  Jan 29, 2016 14:51 I Like It. | Report Abuse Reply
How will I come to know whether I have been alloted shares under OFS
2. keyur  Jan 28, 2016 17:29 I Like It. | Report Abuse Reply
Floor Price Announced 180/- Rs.
2.1. Ofs  Jan 28, 2016 19:32 I Like It. | Report Abuse
It is 189
1. mark bab  Jan 28, 2016 14:04 I Like It. | Report Abuse Reply
It would be available at around 185. should be apply in OFS?