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Friday, June 15, 2007

BEML's follow-on issue opens on June 27

Bharat Earth Movers’ (BEML) follow-on public issue of 49 lakh equity shares of Rs 10 each will open on June 27 and close on July 3. The price band is yet to be announced.

ICICI Securities is the book running lead manager to the issue.

The issue would constitute 11.77 percent of the fully diluted post issue paid-up capital.

BEML is the second largest manufacturer of earthmoving equipments in Asia, and commands 70% market share in domestic industry.

The ministry of defence is BEML’s largest customer. The company’s other customers are Indian Railways, Delhi Metro Rail Corporation and other metro rail transit agencies, reports The Economic Times.

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