BEML to fix record date for 1:1 shares issue by BEML Land Assets in board meet today
1 min read . Updated: 24 Aug 2022, 12:50 PM IST
Premium- BEML to fix a record date to determine eligible shareholders for issuing shares by BEML Land Assets as part of the demerger scheme
Shares of PSU mining firm BEML plunged nearly 2% on the BSE in Wednesday's early deals as the board will meet on August 24, 2022 to decide on the record date to determine eligible shareholders for issuing shares by BEML Land Assets as part of the demerger scheme.
The company had postponed the board meet to fix the record date from August 18 to August 24, 2022. “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 is a wholly-owned subsidiary of BEML, incorporated in July 2021, for the demerger of identified surplus and non-core assets as a part of 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."
Shares of BEML have surged over 40% in a year's period. The stock has gained over 11% in 2022 (year-to-date or YTD) so far. BEML, a Defence PSU Company, is a leading defence, mining & construction and rail coach manufacturer in India.
