Minority RecapFinance
Government Launches OFS to Sell up to 5% Stake in Bharat Heavy Electricals Limited (BHEL)
•February 11, 2026
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Participants
Why It Matters
These transactions reshape capital allocation across infrastructure, EV, and renewable sectors and influence passive fund flows through MSCI index changes, affecting valuation and liquidity for investors.
Key Takeaways
- •BHEL OFS offers up to 5% stake at Rs 254.
- •Ather Energy block deal targets up to 1.92% stake.
- •Tata Motors Indonesia secures 70,000 vehicle order.
- •Aditya Birla Capital and L&T Finance join MSCI.
- •Alok Industries faces Rs 49.86 lakh GST penalty.
Pulse Analysis
The Indian government’s Offer for Sale of up to 5 % in BHEL, priced at Rs 254 per share, marks a rare equity off‑load of a strategic public‑sector undertaking, inviting institutional appetite for infrastructure exposure. Simultaneously, MSCI’s February 2026 review reshaped the index composition: Aditya Birla Capital and L&T Finance were added, IRCTC removed, and AU Small Finance’s weight increased, while India’s overall 14.1 % representation stays steady. These moves affect passive fund flows, benchmark tracking, and could tighten valuation gaps for newly included stocks.
On the corporate front, Tata Motors’ Indonesian subsidiary clinched a record 70,000‑vehicle contract, split between the Yodha pick‑up and Ultra T.7 truck, underscoring the group’s push into emerging‑market logistics and food‑security supply chains. In the electric‑two‑wheeler space, NIIF’s planned block sale of a 1.92 % stake in Ather Energy at roughly Rs 706‑728 per share provides liquidity to the EV maker while signaling confidence in its growth trajectory. Complementing these developments, Solarfusion Renewables announced a Rs 36.3 crore solar‑power partnership with Vasuki Cement, expanding renewable capacity in the cement sector.
Regulatory scrutiny remains a headwind for several listed firms. Dharani Sugars received a legal notice from NARCL for multiple breaches, including failure to fund a Rs 15 crore debt‑service reserve and unauthorized borrowing of Rs 25 crore, raising concerns over its restructuring plan. Alok Industries was hit with a Rs 49.86 lakh GST penalty for alleged input‑tax credit misuse, though it assures no operational impact. Regaal Resources also faced a Rs 25 lakh penalty for filing violations. Meanwhile, Sarvottam Finvest’s CFO change reflects routine governance adjustments amid a volatile market environment.
Deal Summary
The Indian government announced an Offer for Sale (OFS) to divest up to a 5% stake in Bharat Heavy Electricals Limited (BHEL). The base issue will be 3% with an option for an additional 2% if oversubscribed, at a floor price of Rs 254 per share. The OFS opens to institutional investors on Feb 11, 2026.
Article
Source: The Hindu BusinessLine – Markets
Stocks to Watch, Feb 11: BHEL, Tata Motors, Ather, L&T Finance, AB Capital, IRCTC, Alok Ind & others
MSCI rejig, Stake sale, order win, strategic expansion plans, regulatory issues are some major triggers
Updated – February 11, 2026 at 09:25 AM
The Offer for Sale (OFS) to divest up to a 5 % stake in Bharat Heavy Electricals Limited (BHEL) by the Government opens today for non‑retail (institutional) investors. Under the OFS, the government will sell an initial 3 % stake (base issue), with an option to sell an additional 2 % stake in the event of oversubscription. The floor price for the OFS has been fixed at Rs 254 a share. Retail investors’ book opens on Thursday.
According to media buzz, the National Investment and Infrastructure Fund (NIIF) is likely to sell up to a 1.92 % stake in electric two‑wheeler maker Ather Energy through a block deal at around Rs 705.7‑727.55 per share.
Tata Motors’ Indonesian arm has secured its largest‑ever order in the country, signing an agreement to supply 70,000 commercial vehicles to support agricultural and rural logistics across Indonesia. PT Tata Motors Distribusi Indonesia, a wholly‑owned indirect subsidiary of Tata Motors, will supply 35,000 units each of the Tata Yodha pick‑up and the Ultra T.7 truck. The vehicles will be deployed by PT Agrinas Pangan Nusantara, an Indonesian state‑owned enterprise tasked with modernising agricultural supply chains and strengthening food security.
Solarfusion Renewables Pvt. Ltd, a wholly‑owned subsidiary of Yash Trading & Finance Limited, has announced a significant expansion into strategic solar‑power project development in partnership with Vasuki Cement Private Limited. The solar‑power project will be implemented through two Special Purpose Vehicles (SPVs) with a total project size of Rs 36.30 crores.
Dharani Sugars and Chemicals Ltd informed the exchanges that it has received a legal notice from National Asset Reconstruction Company Limited (NARCL), through its authorised representative India Debt Resolution Company Limited (IDRCL), for multiple non‑compliances under the Master Restructuring Agreement (MRA). The notice cites, among other issues, non‑allotment of fully paid‑up equity shares aggregating to 20 % of total paid‑up equity share capital, failure to create, fund, and maintain a Debt Service Reserve Account of Rs 15 crores within 18 months from the cut‑off date, failure to constitute and operationalise the Monitoring Committee, non‑arrangement of requisite additional corpus for payment of farmers’ dues, and incurrence of additional indebtedness of approximately Rs 25 crores without prior written consent from NARCL.
Alok Industries Limited has received a penalty order of Rs 49.86 lakh from the Assistant Commissioner, CGST & Central Excise, Daman, dated February 10, 2026, for alleged incorrect availment of input tax credit. The company plans to file an appeal against the order and has confirmed that while there is a financial impact equivalent to the penalty amount, there is no impact on its operations or other business activities.
The Board of Sarvottam Finvest has approved the appointment of Ankit Somaani as the new Chief Financial Officer, with immediate effect, following the resignation of incumbent Suraj Bhowmick, who stepped down for personal reasons.
Regaal Resources has received an adjudication order from the Registrar of Companies, Kolkata, imposing penalties of Rs 25 lakh for filing violations related to the Return of Allotment without a proper valuation report. The company said the order will not have a material impact on its financial operations.
Aditya Birla Capital Ltd and L&T Finance Ltd have entered the MSCI Global Standard Index as part of MSCI’s February 2026 review. Conversely, IRCTC has been removed, and MSCI announced the revisions early Wednesday. Meanwhile, AU Small Finance Bank will see its weight in the index increase due to a float adjustment. The changes will come into effect on Feb 27. Following the rejig, India’s weight in the MSCI Standard Index remains unchanged at 14.1 %. The number of Indian companies in the index will increase by one, rising from 164 to 165.
Published on February 11, 2026
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