The government has approved 10 per cent stake sale in Engineers India Ltd (EIL), which
may fetch it around Rs 800 crore .
The government currently holds 80.40 per cent stake in EIL. In 2010, the government divested 10 per cent stake through a follow-on public offer (FPO) in EIL, a leader in engineering consultancy.
"We expect to get around Rs 800 crore at current prices," Finance Minister P Chidambaram told reporters after the meeting of the Cabinet Committee on Economic Affairs (CCEA). "The stake sale will take place this fiscal," he added.
For the July-September quarter of the current financial year, EIL reported net profit of Rs 161.24 crore, up 10 per cent over the same period in 2011-12.
The government has proposed to raise Rs 30,000 crore by way of
disinvestment in 2012-13 . So far in FY13, the government has been able to realise just over Rs 6,900 crore through stake sale in PSUs.
Stake
sale in Oil India and NTPC is lined up for January and February.
EIL scrip was trading at Rs 229.80 on the Bombay Stock Exchange,
down 3.73 per cent from its previous close.
With inputs from PTI 
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