BEML rises 8%

about 4 months ago
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BEML opened itself today 8% higher at Rs.1050 and it is now trading at 1008 levels, up over 3%. Its 52-week high is at Rs.1080.

The Govt of India, which holds 54.03% stake in the PSU, plans to disinvest 26% in the company, through strategic disinvestment with transfer of management control.  This disinvestment process is to be implemented through open competitive bidding route.

Shortlisted firms in the first phase, will be asked to submit financial bids though non- core land and other assets will be hived off and will not be a part of the proposed disinvestment.

The last date for filing expression of interest (EoI) for BEML is March 1, 2021.

The buyer of 26% in BEML will have to make an open offer to buy another 26% in the company.

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