BEML to divest stake from Vignyan Industries
Bharat Earth Movers Limited (BEML) announced disinvestment of its shareholding of 96.56 per cent in Vignyan Industries Limited (VIL), a subsidiary of BEML Ltd.
BEML also informed that the Government of India vide its letter dated September 3, 2019 has intimated expression of interest (EOI)/preliminary information memorandum document in respect of disinvestment of shareholding of BEML in VIL. With this announcement of disinvestment in Vignyan Industries Ltd., the BEML stock went up 4 per cent.
Bharat Earth Movers Limited is a public sector company having its headquarters in Bengaluru. BEML manufactures a variety of heavy equipment and operates under three major business verticals, i.e. mining and construction, defence and rail and metro. The company has partially disinvested and presently Government of India owns 54 per cent of the total equity and 46 per cent is held by the public. The company recorded loss of Rs. 98.21 crore in June quarter of FY20.
On Wednesday, the stock of BEML opened at Rs. 768.55 and made an intra-day high and low of Rs. 805.85 and Rs. 764.80, respectively, on the BSE. This stock closed at Rs. 795.50, up by 4.00 per cent.