BHEL soars on stake sale report

BSE 23 May 12 | 12:00 AM

208.80		0.2 (0.1%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: 500103

Face Value: N.A.

NSE 23 May 12 | 12:00 AM

208.75		0.2 (0.1%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: BHEL

Performance
1 Week	:	Rs	208.75	(0.02%)
1 Month	:	Rs	235.75	(-11.43%)
1 Year	:	Rs	387.12	(-46.06%)

SI Reporter / Mumbai 02 Feb 12 | 10:31 AM

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Bharat Heavy Electricals Limited (BHEL) has soared 7% to Rs 272 on reports that an Empowered Group of Ministers (EGoM) is scheduled to meet later today to take a call on the modus operandi and timing of divesting partial equity stakes in BHEL and ONGC.

“The EGoM is likely to consider various options, including offer for sale of shares through stock exchanges, before giving the final timeline," the report suggests.

The Securities and Exchange Board of India, in its board meeting on January 3, approved the offer for sale of shares by public sector units through stock exchanges.

The divestment of ONGC and BHEL could yield Rs 15,000-17,000 crore. The Government has set a disinvestment target of Rs 40,000 crore this year, but only over Rs 1,100 crore have been raised so far, added report.

A combined 7.05 million shares have changed hands on the counter so far on the NSE and BSE.