Engineers India Ltd., a state-owned firm that provides engineering services to oil, gas and petrochemical companies, received bids for 91.5 percent of the stock offered to investors.
The company got 30.7 million bids for the 33.7 million shares available for 270 rupees to 290 rupees apiece at India’s two primary exchanges, according to data on the National Stock Exchange’s website. It got bids for at least 1.4 times the 16.5 million shares offered to institutional investors in a portion of the sale that ends today, the data showed.
India aims to raise as much as 9.6 billion rupees ($206 million) from a 10 percent stake in Engineers India as it seeks a record 400 billion rupees from asset sales in the 12 months ending March 31. That may help Asia’s third-largest economy rein in a budget deficit that reached a 16-year high of 6.9 percent of gross domestic product in the fiscal year ended March 31.
ICICI Securities Ltd., HSBC Securities & Capital Markets (India) Pvt., IDFC Capital Ltd. and SBI Capital Markets Ltd. are managing the sale. The offer to retail investors ends tomorrow.