The sale of stake in BEML will happen by open aggressive bidding
The federal government has invited preliminary bids for 26 per cent stake within the state-owned defence and engineering firm BEML, as a part of Prime Minister Narendra Modi authorities’s plans to privatise state-run corporations corresponding to Bharat Petroleum Company Restricted, Container Company of India, Transport Company of India and Air India.
The federal government holds simply over 54 per cent in BEML. The minimize within the authorities’s holding by the stake sale will result in switch of administration management to the profitable bidder.
The sale might be happen by open aggressive bidding and the bidders should submit an expression of curiosity by March 1.
The federal government has appointed SBI Capital Markets Restricted as its transaction adviser for the proposed divestment in BEML.
BEML is a miniratna category-1 public sector enterprise working beneath aegis of the Ministry of Defence. The corporate was integrated on Could 11, 1964.
The shares of BEML underperformed the benchmark indices final 12 months, slipping by 1.5 per cent as towards the Sensex’s rise of round 15 per cent. On Friday, i.e. the primary buying and selling session of the brand new 12 months, the shares ended at Rs 974.25, up 0.6 per cent.
