Bharat Earth Movers Limited to fix a record date for 1:1 BEML land assets today

BEML Land assets in a fully-owned subsidiary of BEML which was formed in July last year. This was a step taken for the demerger of the identified surplus earnings and non-core assets under the strategic disinvestment of BEML initiated by the government.

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Shares of Bharat Earth Movers Limited made a fall of nearly 2% on BSE today, 24th August during the early deals as the Board met to discuss and determine eligible shareholders for issuing shares by BEML Land Assets as part of the demerger scheme.

The company had postponed the board meeting for the same 24th August from the pre-decided date of 18th of this month.

“We refer to our letter cited above communicating regarding a Board Meeting of BEML Limited scheduled on Thursday, the 18.08.2022, inter-alia, to fix the Record Date for striking the list of eligible shareholders for considering 1:1 issue of shares by BEML Land Assets Limited as per Scheme of Arrangement for demerger approved by Hon’ble MCA, stands postponed to Wednesday, the 24.08.2022, due to administrative reasons,” the company had informed in an exchange filing.

BEML Land assets in a fully-owned subsidiary of BEML which was formed in July last year. This was a step taken for the demerger of the identified surplus earnings and non-core assets under the strategic disinvestment of BEML initiated by the government.

In its regulatory filing, BEML had  said that “we hereby intimate that Board Meeting of BEML Limited will be held on Thursday, August 18, 2022, inter-alia, to fix the Record Date for striking the list of eligible shareholders for considering 1:1 issue of shares by BEML Land Assets Limited as per Scheme of Arrangement for Demerger approved by Hon’ble Ministry of Corporate Affairs, followed by Board Meeting of BEML Land Assets Limited for taking on record the said Record Date as fixed by Board of BEML Limited.”

BEML’s shares have rallied up by 40% in a year’s time and 11% alone in 2022 so far. BEML, a Defence PSU Company, is a top defence, mining & construction and rail coach manufacturer in India.