The new buyer of BEML may not be able to raise capital from the market for a few years after the company's privatisation. The government will include such a clause in the draft share purchase agreement (SPA) and request for proposal (RFP) for BEML.

       This is being done as such a move would lead to further dilution of the sovereign’s stake below 28 per cent after privatisation, said an official. The government plans to sell 26 per cent out of the total 54.03 per cent stake it holds in the defence public sector company, along with transfer of management control. The clause would ...