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Tuesday, June 15, 2021

Government to sell 15% stake in Bharat Dynamics through OFS

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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 (HAL) to raise about Rs 5,000-crore.

The HAL 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.

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