The central government on Sunday has invited Expression of Interest (EoI) to offload 26 percent out of its 54.03 percent stake in BEML Ltd. The stake sale will also lead to transfer of management control to the successful bidder, the state-run defence and construction equipment manufacturer said in a regulatory filing.

At the current market price, a 26 percent sale could fetch about Rs. 1,000 crore to the exchequer

“We wish to inform that the Government of India currently holds 54.03 percent of the total equity share capital of our Company. Government of India has decided to disinvest 26 percent of the total equity share capital of our Company through strategic disinvestment with transfer of management control,” BEML said in its statement.

Bidders can submit their EoI for buying the stake in BEML by March 1, as per the Preliminary Information Memorandum (PIM) issued by the Department of Investment and Public Asset Management (DIPAM). “Govt has issued the PIM/EOI for disinvestment of 26 percent equity share capital of BEML Ltd along with transfer of management control. Disinvestment will be through a two stage competitive bidding process,” stated Tuhin Kanta Pandey, Secretary, DIPAM, in a tweet.

At the current market price, a 26 percent sale could fetch about Rs. 1,000 crore to the exchequer. Shares of BEML closed at Rs. 974.25, on Friday.

BEML is involved in sectors like defence, railways, power, mining and infrastructure. The company’s total revenue from operations was Rs. 3,028.82 crore in fiscal 2019-20.

SBI Capital Markets has been appointed as the advisor by the Government of India (GOI) for advising and managing the proposed strategic disinvestment of BEML. BEML has an order book of Rs 9,795 crore as on March 31, 2020.