The Government of India has invited bids from banks the selection of book running lead managers for Engineers India Limited and it is expected to raise around USD 270 million from this follow-on share sale. Engineers India Limited is a State owned and run firm.

The Central Government owns about 90% of the company and is planning to sale the remaining 10% through a public offer. This has been informed by the Department of Disinvestment. As per sources by 10th May this year the Banks need to submit their bids.

After that the Government has to shortlist the banks and the short-listed banks will make presentations before a group of ministers on May 13-14. According to the information provided by the Department of Disinvestment, around four banks would be appointed for the sale of the IPO of Engineers India Ltd.

However the timeframe for the final selection has not been mentioned. In June, the Engineers India will introduce its Initial Public Offer. After that few other companies are also likely to launch their IPO's in this year.