Central government has invited expressions of interest to offload 26 per cent out of its 54.03 per cent stake in BEML Ltd. The stake sale will also lead to transfer of management control to the successful bidder, the state-run defence and construction equipment manufacturer said in a regulatory filing on Saturday.
"We wish to inform that the Government of India currently holds 54.03 per cent of the total equity share capital of our Company. Gol has decided to disinvest 26 per cent of the total equity share capital of our Company through strategic disinvestment with transfer of management control," BEML said in its statement.
The central government has appointed SBI Capital Markets as its Transaction Advisor to advise and manage the strategic disinvestment process, it further added.
Incorporated on May 11, 1964, BEML is a Miniratna Category-1 public sector undertaking, under the administrative control of Ministry of Defence. The company operates under three major business verticals - mining and construction, defence, and rail and metro. The stake sale is part of the extensive privatisation drive being undertaken by the central government.
Centre will implement the disinvestment process for BEML through open competitive bidding route. A Preliminary Information Memorandum (PIM) for the process of Strategic Disinvestment can be downloaded from websites of Department of Investment and Public Asset Management (DIPAM) at www.dipam.gov.in, Ministry of Defence at www.mod.gov.in, the company at www.bemlindia.in, and Transaction Advisor at www.sbicaps.com, BEML stated in its statement.
Interested bidders, who meet the eligibility criteria mentioned in the PIM, may submit their expressions of interest (EoIs) in either physical form or electronic form via e-mail by March 1, 2021. However, bidders submitting EoIs by e-mail will have to submit the same in a physical copy in a sealed envelope by March 16.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today