Engineers India Limited in which the Government of India holds 90.4% is likely to divest 10% holding. Yesterday the stock hit a circuit of 20% on news that prior to the divestment, the Government wants to extract its best from the stock and help in raising prices so that it can get a higher valuation.
It announced the following.
- Bonus of 2 shares for every share held
- Special onetime dividend of 1000% (one thousand per cent or Rs 100 per share.
- Splitting the face value from Rs 10 to Rs 5.
All these announcements which have not been reported to the exchange nor been announced in the form of a company board meeting have helped the stock gain a staggering 20% yesterday and the stock was locked at the upper circuit yesterday. This announcement also helped half a dozen other PSU stocks gain.
Jubilant Foodworks Limited is launching its IPO between the 18th and 20th of January 2010. The price band has been fixed at Rs 135-145. The public issue includes a fresh issue and an offer for sale. The size of the issue is 2,26,70,447 shares and would raise Rs.306 crs at the lower end of the price band and Rs.328 crs at the higher end of the price band.
