BSE Limited has issued an Observation letter dated October 12, 2021, conveying “No adverse observations” in relation to the Scheme of Arrangement for Demerger between BEML Limited
and BEML Land Assets Limited and their respective Shareholders and Creditors.
The company stock was bullish on Thursday and at around 10.55 am, BEML Ltd was trading at Rs1,561.70 per piece up by Rs38.45 or 2.52% from its previous closing of Rs1,523.25 per piece on the BSE.
The scrip opened at Rs1,529.95 and has touched a 52-week high of Rs1,587 per piece on the BSE during intraday trade on Thursday.
The Board of Directors of the company in a meeting held on July 23, 2021 unanimously approved the Scheme of Arrangement between BEML Limited ('BEML') and BEML Land Assets Limited ('BLAL') and their respective shareholders and creditors.
The scheme interalia provides
Demerger of identified Surplus/ Non-core Assets" from BEMIL and its vesting in BEML Land Assets Limited
Reduction and cancellation of share capital of BEML Land Assets Limited and matters incidental thereto
In a separate filing on Wednesday, the company said it has appointed Liquidator, Venkataraman Jayagopal, Practicing Company Secretary & Insolvency Professional (IP) for Voluntary Liquidation of Vignyan Industries Limited (VIL) - Subsidiary of BEML Limited, based on the approval of Shareholders of VIL in their Extraordinary General Meeting held on October 11, 2021.