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market | IST

Bharat Dynamics OFS subscribed 106%; gets strong response from institutional investors

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The offer for sale (OFS) of the state-run Bharat Dynamics Ltd has received an enthusiastic response from institutional investors as the issue is already subscribed 106.6 percent, a government official said.

The offer for sale (OFS) of the state-run Bharat Dynamics Ltd has received an enthusiastic response from institutional investors as the issue is already subscribed 106.6 percent, a government official said.
The government is selling up to 1.83 crore equity shares or 10 percent of the defense company for the face value of Rs 10 each in the company at a floor price of Rs 330 per equity share.
The OFS opened today for non-retail investors and will remain open on September 9 for retail investors and for un-allotted non-retail Investors who choose to carry forward their bids.
The government can also exercise the option to additionally sell up to 91 lakh equity shares or 5 percent of the total issued paid-up capital of the company in case of oversubscription.
“If oversubscription is exercised, the total offer size will represent 27,492,188 shares or 15 percent of outstanding equity shares of the company,” the company had said in a regulatory filing on Monday.
The Centre, through the President of India, owns an 87.75 percent stake in the company.
However, the stock of Bharat Dynamic fell as much as 13.7 percent to the indtraday low of Rs 331.75 per share on BSE.