Bharat Dynamics offer for sale fetches Rs 770 crore

By: |
September 10, 2020 8:27 AM

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

Bharat Dynamics, BDL OFS, DIPAM, BSE, share price of BDL, retail investors,latest news on Bharat DynamicsThe share price of BDL fell 5.24% on Wednesday to close at Rs 313.8 on the BSE. (Image source: Company Website)

The Centre on Wednesday raised Rs 770 crore by selling 2.34 crore shares of state-run Bharat Dynamics to retail and institutions investors via an offer for sale (OFS). “BDL OFS concluded today with total subscription of about 2.34 crore shares worth Rs 770 crore from institutional and retail investors. This issue will help the company achieve MPS (minimum public shareholding) norms,” department of investment and public asset management (DIPAM) secretary Tuhin Kant Pandey tweeted.

The share price of BDL fell 5.24% on Wednesday to close at Rs 313.8 on the BSE. The base price for the OFS was set at Rs 330/share, while retail investors were offered an additional discount of Rs 20/share. While the institutional portion was subscribed 1.4 times, the retail portion was under subscribed, leading to an overall subscription of 85% of the offer size of 2.75 crore shares.

BDL is engaged in manufacturing guided missile systems for the country. With the latest stake sale, the Centre’s disinvestment proceeds stood at around Rs 5,770 crore so far this fiscal as against the budget target of Rs 2.1 lakh crore for FY21.

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