Bharat Earth Movers Ltd manufactures of dozers, excavators and defence machineries today declared its follow on public offer of 49 lakh equity shares with a price range between Rs 1,020 and Rs 1,090. At these two prices the company will end up raising between Rs 500 crore to Rs 534 crore. The offer opens on June 27 and will close on July 3, 2007. BEML’s share closed at Rs 1,145 today on the Bombay Stock Exchange.

The issue constitutes 11.77 per cent of the fully diluted post issue paid up equity capital of the company and ICICI Securities Primary Dealership is acting as the book running lead manager for the offer. The public sector undertaking registered a net profit of Rs 93.5 crore in the fourth quarter, a gain of 8.6 per cent over the previous year. The total income grew by 14.57 per cent to Rs 958.48 crore for the same period. For the full year 2006-07 the company recorded a net profit of Rs 204.93 crore against Rs 186.93 crore in 2005-06 and the total income increased to Rs 2,479.28 crore from Rs 2,126.92 crore for the same period.

VRS Natarajan chairman and managing director BEML said, “The company is to achieve a turnover of Rs 5,000 crore by 2010-11. Currently, BEML has orders worth Rs 1,750 crore and is confident of bagging additional orders.”