City
Epaper

BEML shares surge nearly 8% as govt invites EoIs for stake sale

By IANS | Published: January 04, 2021 11:18 AM

Mumbai, Jan 4 Shares of public sector undertaking BEML surged nearly 8 per cent on Monday after the ...

Open in App

Mumbai, Jan 4 Shares of public sector undertaking BEML surged nearly 8 per cent on Monday after the government announced to sell 26 per cent stake in the company and invited expressions of interest (EoI) for the same.

Its shares opened 7.7 per cent higher to touch an intraday high of Rs 1,050 points.

They have, however, pared gains and around 11 a.m. were trading at Rs 1,007.00, higher by Rs 32.75 or 3.36 per cent from its previous close.

"Govt has issued the PIM/EOI for disinvestment of 26 per cent equity share capital of BEML Ltd along with transfer of management control. Disinvestment will be through a two stage competitive bidding process," said a tweet by the Twitter handle of the Secretary, Department of Investment and Public Asset Management on Sunday.

As per the Preliminary Information Memorandum (PIM), non-operational or surplus land assets will be hived-off and excluded from the process of strategic disinvestment.

BEML is a 'Miniratna' Category-1 Public Sector Undertaking, under the administrative control of the Ministry of Defence. The government currently holds 54.03 per cent stake in it.

( With inputs from IANS )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: BEML LimitedBeml
Open in App

Related Stories

BusinessAero India 2023: BEML signs agreement with Bharat Electronics for missile development

BusinessBEML bags orders from Bangladesh, Cameroon for construction equipment

NationalMinistry of Defence plans to decrease shareholding in Defence Public Sector Undertakings

NationalCivil Aviation Minister inaugurates 2 passenger boarding bridges at Chandigarh airport

Wipro engineering arm, BEML in pact for defence projects

Business Realted Stories

BusinessSiemens board approves demerger of energy business into separate listed entity

BusinessShaping the Future: Insights from Leaders Driving Transformational Change

BusinessIndian Army Introduces Hexacopter Drone Mounted with Machine Gun by Ikran Aerospace: A Revolutionary Innovation in Defense Technology

BusinessRenowned Business Tycoon Yohan Poonawalla Acquires Stake in Prestigious Lower Parel Commercial Property

BusinessGrand Launch of Remax Furniture's New Store, Redefining the Luxurious Experience