Bangalore, March 31: Bharat Earth Movers Limited (BEML) wants to ride the current stock market crest and mop up between Rs 450 crore and Rs 500 crore by floating a public issue.

BEML chairman and managing director V. R. S. Natarajan told reporters here that the public sector giant might come out with the equity offering by September this year.

The company has already sent a proposal to the government to offer 50 lakh shares through a follow-on public issue. The government holding in BEML would come down to 54-55 per cent post-issue from 61 per cent at present, Natarajan said.

The public sector undertaking is eyeing a revenue of Rs 5,000 crore by 2013-14 and to achieve this, it has undertaken a major business restructuring exercise.

According to the restructuring plan, BEML’s business will be divided into three separate groups ? defence-related works, railway and metro rail business, and mining and construction. It is also setting up a technology division, which will provide engineering design software solutions, and a trading division for marketing non-company products, parts and aggregates in domestic and global markets.

BEML chief also announced that the company will enter into contract mining through a joint venture as this sector promises high business potential.

BEML has already tied up with a Hyderabad-based mining company for the proposed joint venture in which BEML will hold a 45 per cent stake, the Hyderabad company will have 46 per cent and an Indonesian company will pick up a 9 per cent share.