BEML rallies 8% as govt invites initial bids for strategic divestment

Shares of BEML Limited rallied 8 per cent to Rs 1,050 on the BSE on Monday after the government invited bids for strategic divestment in in the defence and engineering company. The stock was trading close to at its 52-week high level of Rs 1,080 on January 16, 2020.

The government will sell 26 per cent out of the total 54.03 per cent stake it holds in the company along with transfer of management control, according to the preliminary information memorandum released by the Centre.

“The Government of India (GoI) currently holds 54.03 per cent of the total