State-run power equipment manufacturer Bhel on Tuesday said it has withdrawn the initial papers for a follow-on offer filed with the markets watchdog, even as it posted a 14% rise in net profit at Rs 6,868 crore in 2011-12 from Rs 6,011 crore in 2010-11 on the back of higher operational efficiency.
"We received instructions from the department of disinvestment that the DRHP (draft red herring prospectus) has to be withdrawn," company chairman B P Rao said. He declined to elaborate on the reason for withdrawing the DRHP. Bhel had filed the DRHP last September for offloading 5% of its 67.7% stake in the company for Rs 4,000 crore.
more at:
http://timesofindia.indiatimes.com/business/india-business/Bhel-withdraws-FPO-net-rises-14/articleshow/12525681.cms
Tuesday, April 3, 2012
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