BEML shares zoom nearly 8% as govt invites preliminary bids for 26% stake sale

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Shares of BEML jumped nearly 8 per cent in early trade on Monday after the government invited preliminary bids for strategic sale of 26 per cent stake along with transfer of management control in the defence PSU.

The stock gained 7.77 per cent to Rs 1,050 at the BSE. On the NSE, it zoomed 7.74 per cent to Rs 1,051.

"Govt has issued the PIM/EOI for disinvestment of 26 per cent equity share capital of BEML Ltd along with transfer of management control.

Disinvestment will be through a two stage competitive bidding process," DIPAM Secretary Tuhin Kanta Pandey tweeted on Sunday.

Bidders can submit their Expression of Interest (EoI) for buying the stake in BEML by March 1, as per the Preliminary Information Memorandum (PIM) issued by the Department of Investment and Public Asset Management (DIPAM).

BEML is involved in sectors like defence, rail, power, mining and infrastructure.