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New Delhi April 18 Bharat Earth Movers Ltd has filed a draft red herring prospectus with SEBI for a follow-on public offer. The company is raising money for the planned expansion of its Metro coach manufacturing facility in Bangalore, and for upgrading its current facilities. The company is offering 49 lakh equity shares of Rs 10 each through a 100 per cent book-building process. While 4.9 lakh shares have been reserved for the employees of the mining and construction equipment manufacturer, the net issue to the public is for 44.1 lakh equity shares.

After the issue, which would constitute 11.77 per cent of the post-issue paid-up equity capital of the company, the Government holding is expected to be 54 per cent.

Part of the money raised will go towards setting up a 5 MW windmill for captive consumption and an R&D centre for Metro coaches, and towards a voluntary retirement scheme for employees.

ICICI Securities is the book running lead manager of the issue.

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