Govt allows BEML to raise funds via public issue
By PTI |
Highlights
NEW DELHI: The government on Thursday allowed Bharat Earth Movers Limited (BEML) to raise funds through public issue of 49 lakh shares for its modernisation and expansion programme.
"The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its approval for allowing BEML to raise funds for its modernisation and expansion programme through public issue of 49 lakh shares of Rs 10 each," Finance Minister P Chidambaram told reporters after the CCEA meeting.
He said the price band would be decided by the Board of Directors on the written recommendation of the Book Running Lead Manager.
Currently the government held 61.23 per cent stake in the company comprising 2.25 crore equity shares of Rs 10 each, while individuals and other institutions hold 38.77 of the equity, the minister said.
"After the public issue, the government equity would come down to 54 per cent with the balance 46 per cent being with institutions and the public," he said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
