BEML FPO in Rs 1,020-1,090/shr band

The board of directors of Bharat Earth Movers (BEML), which met today, has fixed a price band of Rs 1,020-1,090 per share for the follow-on public offer (FPO) of 49 lakh equity shares.

According to a release issued to the BSE today, the meeting also approved the payment of second interim dividend of 80% i.e Rs 8 per share.

The issue opens on June 27 and closes on July 3, 2007. The issue constitutes 11.77% of the fully diluted post-issue paid-up equity capital of the company. Post-issue, the government holding in BEML will not be less than 54%, chairman and managing director V RS Natarajan said in Bangalore today.

The company today reported a 10% increase in net profit at Rs 204.93 crore for the year ended March 31, 2007 when compared with Rs 186.93 crore in FY06. Total income increased to Rs 2,479.28 crore from Rs 2,126.92 crore in FY06.