MUMBAI (Reuters) The government has invited bids from banks for managing a follow-on share sale in state-run Engineers India Ltd that is expected to raise up to $270 million.The government, which owns about 90 percent of the engineering and technical services company, plans to sell 10 percent through a public offer, according to a notice on the website of the Department of Disinvestment.It said banks would have to submit their bids by May 10 and short-listed banks would have make presentations before a group of ministers on May 13-14. Up to four banks would be appointed for the sale, it said, but did not mention a timeframe for the final selection.Engineers India is likely to launch the public offer in June, Sidhartha Pradhan, a joint secretary in the divestment ministry, which is in charge of stake sales, told reporters last month.An initial public offering in state utility Satluj Jal Vidyut Nigam to raise up to $240 million was fully covered on the final day on Monday.The sale is the first by the government in this financial year that started on April 1, and is part of India's efforts to offload stakes in roughly 60 state-run companies over the next few years.(Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)News posted by www.newsinfoline.com
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