Shares of BEML slipped 1.5% last year. The company said in an exchange filing, India is inviting expressions of interest in a 26% stake in state-owned defense and engineering company BEML Ltd.
The government is looking to cut its 54% holding in the firm as part of Prime Minister Narendra Modi’s privatization drive, which will also see management control shift to the successful bidder. According to the filing, the sale will be done through open competitive bidding, and interested bidders must submit an expression of interest by March 1.
The transaction adviser is SBI Capital Markets Ltd. Shares of BEML slipped 1.5% last year, underperforming the benchmark S&P BSE Sensex, which jumped 16%.
