State-owned
equipment maker BHEL on Tuesday reported provisional net profit at Rs 6,868 crore for the financial year 2011-12, 14.25 per cent rise from the previous fiscal. It also announced that it would withdraw the
initial papers for its follow-on offer that were filed with Securities and Exchange Board of India.
In 2010-11, the company had reported net profit of Rs 6,011 crore, the company said in a regulatory filing.
The turnover of the company jumped 13.76 per cent to Rs 49,301 crore for 2011-12. It was Rs 43,337 crore in 2010-11.
During 2011-12, the order inflow of the company stood at Rs 22,096 crore, significantly down (63.48 per cent) from the year-ago period when it stood at Rs 60,507 crore.
Shares of the company surged 3.45 per cent to a high of Rs 269.30. It was later trading at Rs 266.85, up 2.52 per cent on the BSE at 1300 hours.
"The Board of Directors of BHEL has approved the withdrawal of DRHP (draft red herring prospectus) filed by BHEL with Sebi," the company informed BSE.
The company said the decision has been taken after the receipt of "no-objection" for withdrawal of DRHP for BHEL FPO from the Department of Heavy industry and Department of Disinvestment.
The company filed DRHP in September for the follow-on public offer (FPO) under which the government planned to offload five per cent stake in the company.
The sale of government's five per cent stake in the power equipment maker was expected to fetch over Rs 4,000 crore.
The government in July, 2011 had appointed four merchant bankers -- Morgan Stanley, DSP Merrill Lynch (Bank of America), ICICI Securities and Kotak Mahindra Capital -- for BHEL's FPO.
On August 30, it had approved the disinvestment of five per cent of its shareholding in BHEL. The government holds 67.72 per cent stake in the entity.
Shares of the company were trading at Rs 262, up 0.65 per cent on the BSE around noon.
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