Merrill Lynch Capital Markets Espana S.A. SVB has sold 2,28,675 shares or 0.55 per cent stake in BEML at Rs 866.93 a share. Following the selling, foreign investor holding in the company fell to 0.85 per cent, as against 1.40 per cent at the end of March.
BEML (formerly Bharat Earth Movers) was established for undertaking manufacture of Rail Coaches & Spare Parts and Mining Equipment at its Bangalore Complex. It has been catering to the needs of core sectors such as mining, power and steel.