BHEL opposed to buyback but open to FPO/auction

 the cabinet allowed cash-rich state companies to buy back shares and participate in the government's divestment program. But, the government's buyback process may not be suited for BHEL .

Government sources say, the company is opposed to a share buyback, but is open to 5% follow on public offer (FPO) or auction.Further, the share sale can happen only when the stock markets recover.