Life Insurance Corporation (LIC) has acquired additional over 2% stake in power equipment maker BHEL from the market for Rs 2,205 crore to become the second-largest shareholder in the PSU after the government.
LIC, which had 7.022% stake in BHEL prior to this round of acquisition, bought shares during June last year to May 3 this year to take its stake to 9.052%, BHEL said in a filing to the stock exchanges.
According to the shareholding pattern, the government has 67.72% stake in BHEL, followed by over 9% by LIC and 1.4% by ICICI Prudential Life Insurance. The remaining stake in held by FIIs and the public.
BHEL shares changed hands at Rs 2,057.70 at the bourses during the trading today.
BHEL officials did not comment on the developmet.
BHEL has announced highest-ever turnover of Rs 43,451 crore in 2010-11, registering a growth of 27% over the previous year's. According to provisional figures release by the company, the Profit Before Tax had increased 37% at Rs 9,016 Crore, during the year.
The net profit stood at Rs 6,021 crore, an increase of 40% over the previous year.
BHEL secured orders worth Rs 60,507 crore in 2010-11 and expects similar order book in the current fiscal also.
The order book continues to be impressive despite many power projects getting delayed due to delay in coal block allotments, company officials had said recently.
In the power sector, the company bagged orders to the tune of Rs 46,393 crore in 2010-11, including those from NTPC, Bajaj Hindustan, Jaiprakash Power Ventures and Raichur Power Company.
The company is all set to achieve a manufacturing capacity of 20,000 Mw by March 2012 from the current level of 15,000 Mw.
BHEL is discussing with various governments including Orissa, West Bengal and Tripura, for joint ventures with entities from respective states. It already has power generation joint ventures with state utilities in Karnataka and Maharashtra, among others.
