Strategic stake sale in BEML: invites preliminary bids for 26pc

The central Govt has invited preliminary bids through expressions of interest (EoI) for 26 percent strategic stake sale in BEML Limited which is engaged in manufacturing and supply of equipment for mining, construction, defence and rail projects under the administrative control of Ministry of Defence (MoD).

The government currently holds 54.03 per cent stake in it. "GoI proposes to disinvest its equity shareholding of 26 per cent in BEML out of its shareholding of 54.03 per cent by way of strategic disinvestment to investor(s) along with transfer of management control," BEML said in a regulatory filing. The Centre appointed SBI Capital Markets Limited (SBICAP) as its transaction advisor to advise and manage the strategic disinvestment process.

The filing said that the disinvestment process is to be implemented through open competitive bidding route. Interested bidders who meet the requirements as per the preliminary information memorandum may submit their EOIs on or before 5 p.m. of March 1, 2021. BEML operates under three major business verticals -- mining and construction, defence, and rail and Metro.

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