Bharat Earth Movers Limited BEML is planning to come out with a follow on public issue FPO in June 2007. The BEML IPO / FPO issue size would be Rs. 440 to 600 crores. Bharat Earth Movers Limited BEML has filed the draft red herring prospectus with SEBI and is waiting for SEBI’s approval for the follow on public issue. The IPO / FPO would be a 100% book built issue. an ISO 9001-2000 certified, Bharat Earth Movers Limited BEML is a IrAAA rated, multi locational and multi product manufacturer of mining and construction equipments, railway and metro products and defence products.
Bharat Earth Movers Limited BEML will offer 49,00,000 Equity Shares of Rs. 10 each for cash at a premium which will be decided through the book building process. The BEML FPO includes a reservation for employees to the tune of 4,90,000 Equity Shares and a Net Issue to the public of 44,10,000 Equity Shares. The Bharat Earth Movers Limited BEML IPO Issue would constitute 11.77% of the fully diluted post issue paid up equity capital of the Company. The Government of India holding is expected to be approximately 54%, after the FPO and hence Bharat Earth Movers Limited BEML will continue to be a Government of India Company.
Bharat Earth Movers Limited BEML is a Mini Ratna Government Company coming under the Ministry of Defence and is ranked as the first among the Fastest Growing Construction Equipment Companies in India as per the NICMAR Survey 2005. The Equity Shares of Bharat Earth Movers Limited BEML are listed on the Bombay Stock Exchange Limited BSE, National Stock Exchange NSE and the Bangalore Stock Exchange. The Book Running Lead Manager for this FPO Issue is ICICI Securities Limited. The Finance Minister had earlier stated that the Cabinet had approved the BEML public issue of 49 lakh shares. The BEML shares closed at 970.10 on the BSE on friday, April 20th.
Bharat Earth MoversÃ¢â‚¬â„¢ (BEML) follow on public issue will open for subscription on June 27 2007 and close for subscription on July 03 2007.
Bharat Earth Movers Limited FPO Prospectus
For more information, read the draft red herring prospectus of the Bharat Earth Movers Limited FPO.