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MUMBAI: The government is planning to sell 15% stake in defence company Bharat Dynamics through an offer for sale on 8 and 9 September. The centre which owns 87.75% stake in the company is looking to offload 2.71 crore shares. The floor price for the OFS has been fixed at Rs 330 per share, a 14% discount to Monday’s closing price of Rs 384.50.
The OFS includes 1.83 crore shares in a base offer and another 91 lakh shares in case of oversubscription. Retail investors can bid for the OFS on Wednesday. A 15% of the offer shares are reserved for retail with a discount of Rs 20 over cut off price.
Last month the government sold 15% stake in aerospace and defence company Hindustan Aeronautics to raise about Rs 5,000-crore.
The Hindustan Aeronautics and Bharat Dynamics OFS are part of New Delhi’s disinvestment program, which has been slow to get off the block because of the pandemic.
The OFS includes 1.83 crore shares in a base offer and another 91 lakh shares in case of oversubscription. Retail investors can bid for the OFS on Wednesday. A 15% of the offer shares are reserved for retail with a discount of Rs 20 over cut off price.
Last month the government sold 15% stake in aerospace and defence company Hindustan Aeronautics to raise about Rs 5,000-crore.
The Hindustan Aeronautics and Bharat Dynamics OFS are part of New Delhi’s disinvestment program, which has been slow to get off the block because of the pandemic.
( Originally published on Sep 07, 2020 )
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