BEML Shares Jump As Government Gives In-Principle Nod For 26% Stake Sale
The government has given its in-principle approval for strategic divestment of up to 26 percent stake in BEML Ltd. which will transfer management control to the buyer, Minister of State for Defense Subhash Bhamre said in a written reply in Lok Sabha on Friday.
The government has appointed a transaction Advisor,a legal Advisor and an asset valuer, as per the procedure laid down for such a stake sale, the Press Information Bureau said in a statement.
After this process is completed, the state-owned defence enterprise will again seek specific approval of the government, the statement added.
Shares of BEML Ltd parred its early loss and gained as much as 5.4 percent to Rs 1,617, the most in three weeks, post announcement