PSU Disinvestment: Govt extends EoI deadline for BEML’s Vigyan Industries

New Delhi: The government extended the deadline for the submission of Expression of Interest (EoI) for the disinvestment of Vigyan Industries Limited on Monday to October 29. The previous deadline opened on September 3 and expired on Monday. Sources within BEML said that the deadline for the submission of EoIs for the strategic disinvestment of BEML subsidiary has been extended on the basis of request from bidders.

Disinvestment of Vigyan Industries

Earlier this year, the Ministry of Defence had 'in-principle' decided to disinvest its entire equity shareholding representing 2,69,376 shares held by BEML in Vigyan Industries through strategic disinvestment with transfer of management control. BEML owns 96.56 percent shares in the company.

The disinvestment of Vigyan Industries was started in March with the floating of a request for proposal for the appointment of transaction adviser, legal adviser and asset valuer.

The backdrop

Vigyan Industries was incorporated on September 25, 1963 by two individual promoters and subsequently BEML took over the management of VIL in October 1984. VIL manufactures steel castings suitable for engineering, mining, railways and infrastructure industries and has a single manufacturing facility located in Tarikere to produce steel castings with combined licensed production capacity of 5,000 tonnes per annum of components.
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Impact on shares

The news is expected to buoy BEML shares when the stock market opens on October 22, a day after Assembly Elections conclude in Maharashtra. On October 18, BEML shares closed at Rs 953, up from Rs 908 from a day before.