Bharat Heavy Electricals shares down amid a Rs 1,907 crore-block deal

Mar 04 2014, 13:36 IST
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The Indian govt has proposed to sell its 5% stake in BHEL to LIC. (AP) The Indian govt has proposed to sell its 5% stake in BHEL to LIC. (AP)
SummaryThe Indian govt has proposed to sell its 5% stake in BHEL to LIC.

Shares of Bharat Heavy Electricals Ltd (BHEL) is trading 1.38% down at Rs 164.90 at 12.40pm amid a Rs 1,907 crore-block deal.

Around 11.4 crore shares representing nearly 4.66% of total equity of the company have changed hands at price of Rs 167.20 per share in a single block deal on the BSE, data from Bloomberg shows.

While the name of buyers and sellers are not immediately known, on Friday the government proposed to sell its 5% stake in BHEL to state-owned Life Insurance Corporation of India for Rs 2,046 crore. The government holds a 67.72% stake in the Navratna company.

The finance minister on February 17 while presenting the interim budget revised the divestment target for FY14 to Rs 16,027 crore from Rs 40,000 crore.

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