The government on Wednesday said it has received subscriptions worth Rs 770 crore from institutional and retail investors in the offer for sale (OFS) of defence firm Bharat Dynamics Ltd (BDL).
The OFS had the hit the market with the government selling over 2.74 crore shares in BDL at a floor price of Rs 330 a piece.
In a tweet, DIPAM Secretary said, "BDL OFS concluded today (on Wednesday) with total subscription of about 2.34 cr shares worth Rs 770 crore from institutional and retail investors. This issue will help the company achieve MPS (minimum public shareholding) norms."
BDL is the second OFS launched by the government in the current financial year. Last month, the government sold about 15 per cent stake in defence manufacturer Hindustan Aeronautics Ltd (HAL) to raise around Rs 5,000 crore.
The government has set a Rs 2.10-lakh crore disinvestment target for the current financial year. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sale in financial institutions.