Tata Motors Ltd, Mahindra and Mahindra Ltd and Ashok Leyland Ltd are among the six companies are looking to buy a 26 percent stake in state-run defence equipment maker BEML Ltd, two people aware of the development said.

This news has surged the shares of BEML by 13 percent to hit a 52-week high of Rs.1,326 on the BSE in intra-day trade on Monday.

Bharat Forge and Meghna Engineering and Infrastructure are also speculated to submit expressions of interest for the government’s stake in BEML, reports the Mint quoting two people aware of the developments.

BEML’s board has approved the appointment of M/s Deloitte Haskins & Sells LPP as consultant for advising, undertaking and implementing demerger of non-core assets of the company, pursuant to the directives of the government, informed the company to the stock exchanges on Friday.

The government currently holds 54.03 percent of the total equity share capital of BEML, and it plans to disinvest 26 percent of the total equity share capital of the company through strategic disinvestment with the transfer of management control.
SBI Capital Markets is appointed by the government as its transaction advisor to advise and manage the strategic disinvestment process.