49 lakh shrs from FPO of BEML to start trading today

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49 lakh shrs from FPO of BEML to start trading today

A 49 lakh shares from FPO of Bharat Earth Movers, BEML, will start trading today. The company had come out with its follow on public offer of equity shares of Rs 10 each through a 100% book-building process.

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A 49 lakh shares from FPO of Bharat Earth Movers , BEML, will start trading today.

The company had come out with its follow on public offer, FPO of equity shares of Rs 10 each through a 100% book-building process, has fixed the issue price at Rs 1,075 per share. Public offer subscribed 30.65 times. The price band was between Rs 1020 and Rs 1090 per share.  

The issue proceeds will fund the building infrastructure expansion of the metro coach manufacturing facility at Bangalore and other capital expenditure including the upgradation of current facilities. The company also intends to use part of the proceeds to set up a 5MW Wind Mill for captive consumption and an R&D Centre of Excellence for Metro Coaches. The company will also earmark some part of the proceeds towards a voluntary retirement scheme for Employees.