Govt seeks expressions of interest for 26% stake in state-run BEML

By: |
January 3, 2021 4:27 PM

The government is looking to cut its 54% holding in the firm as part of Prime Minister Narendra Modi’s privatization drive, which will also see management control shift to the successful bidder.

beml, modi privatisation drive, stake sal eof BEMLShares of BEML slipped 1.5% last year.(PTI Image)

India is inviting expressions of interest in a 26% stake in state-owned defense and engineering company BEML Ltd., the company said in an exchange filing on Saturday.

The government is looking to cut its 54% holding in the firm as part of Prime Minister Narendra Modi’s privatization drive, which will also see management control shift to the successful bidder. The sale will be done through open competitive bidding, and interested bidders must submit an expression of interest by March 1, according to the filing.

SBI Capital Markets Ltd. is the transaction adviser. Shares of BEML slipped 1.5% last year, underperforming the benchmark S&P BSE Sensex, which jumped 16%.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Google threatens to block Australia from using search engine if forced to pay for news
2Bajaj Auto’s PAT rises 23% to Rs 1,556 crore
3South Indian Bank reports Rs 92-crore loss in Q3