BEL to sell 10.8pc stake
Tuesday, 13 July 2010
NEW DELHI, July 12 (PTI): LNJ Bhilwara Group firm Bhilwara Energy (BEL) Monday said that it will dilute nearly 11 per cent stake to two foreign investors for raising Rs 2.30 billion to part-fund the company's power projects.
BEL will divest 10.8 per cent of fresh equity shares to Washington-based IFC and India Clean Energy Fund for $50 million ($25 million each), the company said in a press statement in New Delhi.
Post-divestment, the promoter holding in BEL will come down to around 83 per cent. Of the promoters, RSWM -- formerly known as Rajasthan Spinning and Weaving Mills Ltd -- will see its holding in BEL come down from 19.5 per cent to 17.4 per cent, while HEG Ltd will see its shareholding fall to 25.5 per cent from 28.9 per cent.
BEL will divest 10.8 per cent of fresh equity shares to Washington-based IFC and India Clean Energy Fund for $50 million ($25 million each), the company said in a press statement in New Delhi.
Post-divestment, the promoter holding in BEL will come down to around 83 per cent. Of the promoters, RSWM -- formerly known as Rajasthan Spinning and Weaving Mills Ltd -- will see its holding in BEL come down from 19.5 per cent to 17.4 per cent, while HEG Ltd will see its shareholding fall to 25.5 per cent from 28.9 per cent.