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Three old-school firms, three start-ups face-off over Engineers India disinvestment mandate

Amarchand Mangaldas, Crawford Bayley and Luthra & Luthra, and young firms Axon Partners LLP, Link Legal and S&R Associates, are bidding for the role of legal advisor to the government in the disinvestment of state-owned Engineers India Limited (EIL) which is set to happen through a follow-on public offer in July.

According to media reports all six law firms are scheduled to make their representations to the Department of Disinvestment on 20 May, as announced by the finance ministry. 

Meanwhile, the Government has also shortlisted four financial advisors on the EIL disinvestment including HSBC Holdings Plc, ICICI Securities, SBI Capital Markets and IDFC Capital.

Business Standard reported:

EIL is likely to come out with a follow-on public offer in mid-July to raise around Rs 1,200 crore.

Consultancy firm Engineers India Limited (EIL) would be the second company where the government will sell its stake in the current fiscal.

At the current market price, the government is expected to raise about Rs 1,100-1,200 crore through sale of 10 per cent stake in EIL, which provides design and engineering services to petroleum, power and fertiliser companies.

Currently, the government holds 90.40 per cent stake in the company.

The first stake sale of this fiscal -- SJVNL-- has got good response from investors, prompting the government to fix the issue price at the upper end of the band at Rs 26 a share. The stake sale would fetch the Centre over Rs 1,000 crore."

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