Bharat Earth Movers Ltd (BEML) on 25 June announced a price band of Rs1,020-1,090 for its follow-on public issue to mop up upto Rs534 crore, to fund expansion and diversification plans.
The price band has been fixed at a discount to the scrip’s market price of Rs1,144 at 3pm on 25 June on the National Stock Exchange.BEML chairman and managing director V R S Natarajan said the price-band was “reasonably kept” keeping in mind the interests of retail investors.
BEML’s follow-on public offer of 4.9 million shares opens on 27 June and would constitute the company’s 11.77% of the fully diluted post-issue paid-up equity capital.The defence public sector undertaking posted 8.58% increase in net profit at Rs93.51 crore for the fourth quarter ended 31 March, against Rs86.12 crore for the same period last year.
Read more in The Livemint article.
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