Bharat Dynamics’ Offer For Sale Gets Subscriptions Worth Rs 770 Crore
Bharat Dynamics Ltd.’s Akash Weapon System, manufactured by the Defence Research and Development Organization, on display during the Aero India air show in Bengaluru. (Photographer: Dhiraj Singh/Bloomberg)  

Bharat Dynamics’ Offer For Sale Gets Subscriptions Worth Rs 770 Crore

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Bharat Dynamics Ltd.’s offer-for-sale received subscriptions worth Rs 770 crore from institutional and retail investors, the government said on Wednesday.

The OFS had hit the market with the government selling over 2.74 crore shares in the country’s largest missile maker at a floor price of Rs 330 a piece.

"BDL OFS concluded today (on Wednesday) with total subscription of about 2.34 crore shares worth Rs 770 crore from institutional and retail investors,” tweeted the DIPAM secretary. “This issue will help the company achieve MPS (minimum public shareholding) norms.”

Bharat Dynamics’ is the second OFS launched by the government in the ongoing fiscal. Last month, the government sold about 15% stake in Hindustan Aeronautics Ltd. to raise about Rs 5,000 crore.

Also Read: India’s Plan To Boost Defence Production Has Industry Confused

The government has set a Rs 2.10-lakh crore disinvestment target for 2020-21. Of this, Rs 1.20 lakh crore will come from paring shareholding in public sector undertakings and another Rs 90,000 crore from stake sales in financial institutions.

On Wednesday, Bharat Dynamics shares fell 5.24% to Rs 313.80 apiece on the BSE even the benchmark Sensex ended the day 0.45% lower at 38,193.92 points.

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