Bharat Heavy Electricals Limited has filed mandatory regulatory disclosures following the Government of India's successful offer for sale of equity shares conducted on February 11-12, 2026. The company has submitted both the regulatory report under SEBI Takeover Regulations and insider trading disclosure under SEBI Insider Trading Regulations.

Government Stake Reduction Details

The Ministry of Heavy Industries, acting on behalf of the President of India as the promoter, successfully sold equity shares through the stock exchange mechanism. The transaction details are presented below:

Shareholding Pattern Changes

The offer for sale has resulted in a significant change in the government's shareholding pattern in BHEL:

Regulatory Compliance and Filings

BHEL has maintained strict adherence to regulatory requirements by filing multiple mandatory disclosures. The company filed the regulatory report under Regulation 29(2) of the SEBI Takeover Regulations and subsequently submitted the insider trading disclosure under Regulation 7(2) of the SEBI Insider Trading Regulations on February 13, 2026.

Dr. Yogesh R Chhabra, Company Secretary of BHEL, submitted the insider trading disclosure in Form B, which detailed the promoter's transaction in the company's securities. The disclosure was signed by Swaminathan Nagarajan, Under Secretary at the Ministry of Heavy Industries, Government of India.

Transaction Structure and Guidelines

The offer for sale was conducted in accordance with comprehensive regulatory frameworks including:

• SEBI Master Circular on comprehensive OFS guidelines (SEBI/HO/MRDPoD2/CIR/P/2024/00181 dated December 30, 2024)
• BSE's "Revised Operational Guidelines for Offer for Sale (OFS) Segment" (Notice 20240701-19 dated July 1, 2024)
• NSE's "Revised operating guidelines of Offer for Sale" (Circular 93/2024 dated July 12, 2024)

As part of the overall transaction structure, 87,05,158 equity shares representing 0.25% of the total issued and paid-up equity share capital were offered to eligible employees of the company through the stock exchange mechanism, subject to approval from the competent authority.

Regulatory Timeline

The transaction followed a structured timeline with proper regulatory notifications:

The comprehensive filing demonstrates BHEL's commitment to maintaining transparency and regulatory compliance throughout the government divestment process.

Bharat Heavy Electricals Limited (BHEL) has announced the receipt of a Letter of Acceptance from Bharat Coal Gasification and Chemicals Limited (BCGCL) for a major Syngas Purification Plant project. The contract, valued at approximately ₹2800 crores excluding custom duty and GST, was awarded on February 10, 2026, marking a significant milestone for the state-owned engineering company.

Project Overview

The contract pertains to the LSTK 2 Package of BCGCL's Coal to 2000 TPD Ammonium Nitrate Project, strategically located at Lakhanpur in Jharsuguda District, Odisha. This domestic tender was awarded on a nomination basis, highlighting BHEL's specialized capabilities in coal gasification technology.

Scope of Work

The comprehensive contract encompasses multiple phases of project execution. BHEL will be responsible for design and engineering of the syngas purification system, supply of all required equipment, civil construction works, erection and commissioning of the plant, and operations & maintenance services.

Timeline and Execution

The project follows a structured timeline with specific milestones. Preliminary Acceptance, including commissioning and performance guarantee tests, is scheduled for completion within 42 months from the date of Letter of Acceptance. Additionally, BHEL will provide operations and maintenance services for 60 months following preliminary acceptance.

Corporate Structure

BCGCL operates as a joint venture company with Coal India Limited holding a 51% stake and BHEL maintaining a 49% ownership interest. This partnership structure positions BHEL as both a promoter company and the executing agency for the Syngas Purification Plant contract. The transaction qualifies as a related party transaction, conducted at arm's length in accordance with regulatory requirements.

Strategic Significance

This contract reinforces BHEL's position in the coal gasification and chemical processing sector. The project contributes to India's domestic manufacturing capabilities in chemical production, specifically targeting ammonium nitrate production from coal gasification processes. The Lakhanpur facility represents a significant investment in Odisha's industrial infrastructure, supporting regional economic development and employment generation.