BEML stake sale begins, stocks up 3%

New Delhi: Shares of BEML closed with over 3 per cent gain on Monday after the government invited preliminary bids for strategic sale of 26 per cent stake along with transfer of management control in the defence PSU.

The stock, which gained 7.77 per cent to Rs 1,050 during the day at the BSE, later closed at Rs 1,007.90, up 3.45 per cent. On the NSE, it gained 3.23 per cent to close at Rs 1,051. "Govt has issued the PIM/EOI for disinvestment of 26 per cent equity share capital of BEML Ltd along with transfer of management control.

Disinvestment will be through a two stage competitive bidding process," DIPAM Secretary Tuhin Kanta Pandey tweeted on Sunday. Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1, as per the Preliminary Information Memorandum (PIM) issued by the Department of Investment and Public Asset Management (DIPAM). BEML is involved in sectors like defence, rail, power, mining and infrastructure.