BEML planning to raise around Rs.500 crore equity by September 2006

Bangalore, Mar 31 (UNI) Mulling over a public issue to raise around Rs.500 crores for the last two years, the Defence public sector Bharat Earth Movers is likely to float its public issue in September this year to raise around Rs.500 crore for its future growth plans.

Company Chairman and Managing Director V R S Natarajan told newsmen here that the Company planned to issue five million shares as against the originally intended 7.2 million in view of the appreciation in the price of the BEML Shares over the last one year.

The proposal was now before the Union Government and the cabinet was likely to clear it in about two months time, he added.

He said post issue, the government's share in the company was expected to declineto around 55 per cent from the current level of 61 per cent. The government owned 22.5 million shares in the Company and the number would not change after dilution he added.

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