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Friday, April 6, 2012

BHEL will withdraw FPO papers

The state owned Bharat Heavy Electricals Limited (BHEL) has said it would withdraw the initial papers for its follow-on offer that were filed with Securities and Exchange Board of India (SEBI). The company informed BSE that "The Board of Directors of BHEL has approved the withdrawal of DRHP (draft red herring prospectus) filed by BHEL with Sebi"

The company said the decision has been taken after the receipt of "no-objection" for withdrawal of DRHP for BHEL FPO from the Department of Heavy industry and Department of Disinvestment.

The company had earlier filed DRHP in September for the follow-on public offer (FPO) under which the government which currently holds 67.72% stake in the company, planned to offload 5% stake in the company through the proposed FPO


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