Shares of BEML jumped over 7 percent in the early trade on Monday after the government decided to disinvest its stake in the company. In an exchange filing, BEML said that the Government of India (Gol) has decided to disinvest 26 percent of the total equity share capital of the company through strategic disinvestment with the transfer of management control.
At present, the government holds 54.03 percent of the total equity share capital of the company.
The government has appointed SBI Capital Markets Ltd (SBICAP) as its Transaction Advisor to advise and manage the strategic disinvestment process, it added.
The aforesaid disinvestment process is to be implemented through an open competitive bidding route.
The stock price rallied as much as 7.7 percent to Rs 1,050.00 apiece on the BSE. At 10:15 am, the shares were trading 3.47 percent higher at Rs 1,008.05 apiece on the BSE as compared to a 0.41 percent gain in the benchmark Sensex.
(Edited by : Ajay Vaishnav)
First Published: Jan 4, 2021 10:51 AM IST
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