The Finance Ministry in March had sold 4.66 percent stake in the state-owned company to Life Insurance Corporation (LIC) for about Rs 1,889 crore.
The Cabinet Committee on Economic Affairs (CCEA) today ratified the decision to sell 4.66 percent stake in power equipment maker BHEL through block deal route. The decision was ratified by the CCEA headed by Prime Miniser Manmohan Singh, sources said.
The Finance Ministry in March had sold 4.66 percent stake in the state-owned company to Life Insurance Corporation (LIC) for about Rs 1,889 crore. LIC purchased 11.41 crore shares in BHEL at a price of Rs 165.55 apiece through a block deal on the BSE. Following the block deal, government stake in BHEL came down to 63.06 percent, from 67.72 percent.
The Empowered Group of Ministers, headed by Finance Minister P Chidambaram, had in February decided on the timing and mode of disinvestment in BHEL. However, the CCEA approval was pending for the stake sale. In August 2011, the Cabinet had cleared the sale of 5 percent stake in BHEL through a follow-on public offer (FPO).
However, market conditions led to a delay in the issue and the company in April 2012 withdrew the draft prospectus filed with market regulator SEBI.
Also Read: BHEL's order pipeline to remain strong for 2-years, says Antique
BHEL stock price
On May 13, 2014, Bharat Heavy Electricals closed at Rs 218.80, up Rs 20.35, or 10.25 percent. The 52-week high of the share was Rs 229.85 and the 52-week low was Rs 100.35.
The company's trailing 12-month (TTM) EPS was at Rs 19.83 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 11.03. The latest book value of the company is Rs 124.38 per share. At current value, the price-to-book value of the company is 1.76.
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