Tata Motors, Mahindra and Mahindra and Ashok Leyland are reportedly among the companies looking to acquire a 26 percent stake in the defence equipment maker BEML.
BEML | The government announced schedule – March 1-22 – for submission of Expression of Interest (Eol) from the bidders for the proposed strategic disinvestment of 26 percent stake in BEML along with transfer of management control.
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BEML share price jumped over 13 percent in the morning session on March 8 after the company approved the appointment of M/s Deloitte Haskins & Sells LPP, as consultant for advising, undertaking and implementing demerger of non-core assets of the company.
In a regulatory filing to exchanges, the company said the decision to this effect was taken at the company’s board meeting held on March 5. BEML’s disinvestment process has been undertaken by the Government of India.
The stock price has surged over 22 percent in the last 7 days. It was trading at Rs 1,322.05, up Rs 150.15, or 12.81 percent. It touched a 52-week high of Rs 1,335.
It has touched an intraday high of Rs 1,335 and an intraday low of Rs 1,238.
Also Read: Tata Motors, Ashok Leyland, Mahindra & Mahindra among firms likely to bid for Centre’s 26% stake in BEML
Tata Motors, Mahindra and Mahindra and Ashok Leyland are reportedly among the companies looking to acquire a 26 percent stake in the defence equipment maker BEML.
Bharat Forge and Megha Engineering and Infrastructure may also submit the expressions of interest for the Centre’s stake in BEML, LiveMint reported.
“For auto companies, BEML is a major competitor in the tenders and would eventually win a lot of them since it is state-controlled. Hence, it makes sense for these companies to acquire the heavy-vehicle manufacturing company,” the report quoted a senior executive from one of the firms cited above as saying.
The Centre in January 2021 invited expressions of interest for a stake sale in the defence equipment maker along with the transfer of management control.
According to a press release issued by BMEL, the stake sale would be done through an open competitive bidding route. Interested bidders were to submit an expression of interest (EoI) by March 1. The deadline has now been extended to March 22.
After EoIs, SBI Capital Markets will intimate the shortlisted bidders of the next stage, the report said.
