LIC Increases stake in BHEL

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Life Insurance Corporation (LIC) has acquired additional over 2% stake in power equipment maker BHEL from the market for Rs 2,205 crore to become the second-largest shareholder in the PSU after the government.

LIC, which had 7.022% stake in BHEL prior to this round of acquisition, bought shares during June last year to May 3 this year to take its stake to 9.052%.

The latest shareholding pattern of BHEL is as follows:

GOI - 67.72%
LIC - 9%
ICICI Prudential - 1.4%

The remaining stake in held by FIIs and the public.

BHEL has announced highest-ever turnover of Rs 43,451 crore in 2010-11, registering a growth of 27% over the previous year's. The net profit stood at Rs 6,021 crore, an increase of 40% over the previous year.

BHEL secured orders worth Rs 60,507 crore in 2010-11. The company is expected to achieve a manufacturing capacity of 20,000 Mw by March 2012 from the current level of 15,000 Mw

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