State-owned equipment maker BHEL will withdraw the initial papers for its follow-on public offer (FPO) that were filed with Securities and Exchange Board of India (SEBI). The decision has been taken after the receipt of no-objection for withdrawal of draft red herring prospectus (DRHP) for BHEL’s FPO from the Department of Heavy industry and Department of Disinvestment.
The company filed DRHP in September for the FPO under which the government planned to offload 5% stake in the company. The sale of government’s 5% stake in the power equipment maker was expected to garner over Rs 4,000 crore.
The government in July, 2011 had appointed four merchant bankers -- Morgan Stanley, DSP Merrill Lynch (Bank of America), ICICI Securities and Kotak Mahindra Capital -- for BHEL's FPO.
On August 30, 2011, it had approved the disinvestment of 5% of its shareholding in BHEL. The government holds 67.72% stake in the entity.
| Company Name | CMP |
|---|---|
| BHEL | 332.70 |
| Thermax | 4119.95 |
| Kirloskar Oil Eng | 1662.75 |
| Skipper | 465.30 |
| GMM Pfaudler | 917.65 |
| View more.. | |
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