Govt clears 26% strategic sale in BEML

Govt clears 26% strategic sale in BEML

Government will sell 26 per cent stake in defence equipment manufacturer BEML, making it the first major PSU to be sold through strategic disinvestment, which may fetch the exchequer over Rs 1,000 crore.

In a notification to the stock exchanges, BEML said that the Cabinet has given an in-principal approval for strategic disinvestment of 26 per cent equity shares in BEML Ltd out of governments shareholding of 54.03 per cent.

At the current market pricing of Rs 999.50 a share, 26 per cent stake of BEML could fetch the exchequer over Rs 1,000 crore. After the strategic sale, government stake in the PSU would come down to 28.03 per cent.

The said shareholding would be sold to the strategic buyer/s to be identified by the government of India by following due procedure,”BEML said. Read More…

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