Cabinet okay for BHEL divestment next week
The Union cabinet is likely to approve disinvestment of five per cent of the government’s equity in state-run equipment company Bharat Heavy Electricals Ltd (BHEL) next week. This is part of the government’s plan to raise Rs 40,000 crore from disinvestment in the current financial year.
“The Cabinet note has already been moved. The approval is likely to come by next week,” a person close to the development said. The divestment of BHEL is expected to raise about Rs 4,500 crore and the government’s stake would then reduce to 62.72 per cent from the current 67.72 per cent.
BHEL’s board of directors had recommended the five per cent disinvestment in May.
About 10 per cent of the equity to be offloaded is to be reserved for employees. BHEL had also announced splitting of stocks of the face value of Rs 10 into five shares having a value of Rs 2 each. For more visit: Business-Standard
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