Cyril Amarchand Mangaldas assists FinMin for disinvestment in Engineers India Limited by the President of India
Cyril Amarchand Mangaldas acted as the legal counsel to Department of Disinvestment, Ministry of Finance, Government of India for the disinvestment in Engineers India Limited by the President of India (acting through the Ministry of Petroleum and Natural Gas) through the Offer for Sale mechanism on the stock exchanges. The President of India successfully divested 10% of its stake in Engineers India Limited comprising of 3,36,93,660 shares of face value Rs. 5 each. The Offer for Sale was concluded on January 29, 2016 and settled on February 2, 2016.
With a total subscription of Rs. 1,641.52 crore, the offer for sale was over-subscribed 2.54 times, with the retail participation being 3.92 times and non-retail participation being 2.20 times. Pursuant to this disinvestment, the President of India’s share in Engineers India Limited will be 59.37%. Engineers India Limited is a Navratna Central Public Sector Enterprise engaged in providing engineering consultancy and EPC Services.
The Cyril Amarchand Mangaldas team which advised the Department of Disinvestment, Ministry of Finance was led by the Managing Partner Cyril Shroff, and Delhi based partners Aarti Joshi and Gokul Rajan.
Herbert Smith Freehills LLP was the International Legal Counsel to the Department of Disinvestment, Ministry of Finance. Shardul Amarchand Mangaldas was the domestic legal counsel to the brokers (i.e. SBICAP Securities Limited, ICICI Securities Limited, Edelweiss Financial Services Limited and Deutsche Equities India Private Limited) and Jones Day was theInternational Legal Counsel for the brokers.