Bids Invited For Sale Of 26% Stake In BEML

Bids invited for sale of 26% stake in BEML, increase in the share price.

The government has invited preliminary bids (EoI) for the strategic sale of a 26 percent stake in the defense sector Bharat Earth-Movers Ltd (BEML) with the transfer of management control.

In his tweet, Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (Deepam) wrote, “The government has invited preliminary bids for divestment of 26 percent equity share capital of BEML Limited with the transfer of management control”.

BEML is a ‘Miniratna’ Category-1 PSU. Its management is controlled by the Ministry of Defense. The government currently holds a 54.03 percent stake in it.

The Center has appointed SBI Capital Markets Limited (SBICAP) as its transaction advisor to manage and advise on the strategic disinvestment process. BEML gave this information in a regulatory filing.

According to the filing, the disinvestment process is to be implemented through an open competitive bidding route.

According to the Preliminary Information Memorandum (PIM) issued by the Department of Investment and Public Asset Management, the last date for bidding is March 1.

Interested in bidding, they can submit EOI by this deadline to buy a stake in BEML.

According to the current market price, the sale of a 26% stake of BEML Ltd will fetch the government exchequer about Rs 1,000 crore. BEML works in areas such as defense, rail, power, mining, and infrastructure.

The company’s total revenue from operations was Rs 3,028.82 crore in FY 2019-20. The BEML stock was trading at 1011 on Monday on the Bombay Stock Exchange with a gain of 3.77 percent or Rs 36.75.

The company’s stock opened at 1050 on Monday on BSE with a gain of 7.7 percent.

The government strictly against GST evaders, action on seven thousand, 185 arrested

On the basis of data and information received from various agencies, the government has launched a strict campaign against those who steal the Goods and Services Tax (GST).

The action was taken against 7,000 entrepreneurs under this campaign, in which 187 have been arrested. Finance Secretary Ajay Bhushan Pandey gave this information on Sunday.

He said that the government’s tax revenue has improved rapidly due to this campaign. The government received a GST of Rs 1.15 lakh crore in December 2020. This amount is the highest GST ever achieved in any one month.

For this, the action being taken against tax evaders and the improvement in the economy is being considered as the main reason.