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State-run Engineers India Ltd, which is planning an up to $270 million follow-on share sale, will offer a 5 percent discount to retail investors to boost demand, the Economic Times reported on Monday.The government will follow the standard book-building process for the offering, expected to hit the market in July, the newspaper said, citing an official at Department of Disinvestment, which is in charge of stake sales."Our aim is to price the issue attractively," the official told the financial daily.Officials at the department could not immediately be reached by Reuters.The government, which owns about 90 percent of the engineering and technical services company, plans to sell 10 percent through a public offer and has invited bids from banks for managing the sale.India aims to raise $8.6 billion from sales of stakes in state companies in the current fiscal year that started on April 1, part of plans to offload holdings in 60 state firms in coming years.(Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)
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