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BHEL Withdraws FPO

Bharat Heavy Electricals Ltd. or BHEL has withdrawn the Draft Red Herring Prospectus for a follow on public offer filed with the market regulator Securities and Exchange Board of India or SEBI, reports said.

It is not sure whether the company will be re-filing the prospectus in the near future or has decided to put off the FPO due to market turbulence. The sale was through the disinvestment of Government's stake in the company.

BHEL said the decision was taken after receipt of no-objection for withdrawal of DRHP for FPO from the Department of Heavy Industry/Department of Disinvestment.

As per the offer document filed with the market regulator, the company proposed to offer for sale of 24,476,000 equity shares of Rs.10 each via FPO through book building route at a premium to be determined later.

The net offer to the public was 22,028,400 shares and the reservation to the eligible employees was 2,447,600 shares. The offer would constitute five percent of the post offer paid-up capital and the net offer would constitute 4.50 percent of the post offer paid-up capital of BHEL.

by RTTNews Staff Writer

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