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Bharat Dynamics Files Draft Papers For IPO

Bharat Dynamics Files Draft Papers For IPO:

Bharat Dynamics Ltd has filed draft papers with capital markets regulator SEBI to float an initial public offer.

Bharat Dynamics Ltd designs and manufactures under water guided weapon systems, air-to-air missiles, and associated equipment for the defense sector in India.

Its products include Milan 2T, a semi-automatic, tube launched, and optically tracked missile with tandem warhead; Konkurs-M, a semiautomatic, antitank, tube launched, optically tracked, wire guided, and aero-dynamically controlled missile designed to destroy moving and stationary armored targets with explosives reactive armors; Invar, a high velocity jamming immune missile with tandem warhead designed to defeat explosive reactive armors; Akash, a medium range surface-to-air missile; and an advanced light weight torpedo system.

The company also provides C303, a torpedo counter measure system for submarine applications; counter measures dispensing system, which is an airborne defensive system that provides self-protection to the aircraft by passive ECM against radar guided and IR seeking air and ground launched missiles; and an infra red interference indicator to detect IR interference in the field of view of launcher prior to firing of the missile.

Bharat Dynamics Ltd was founded in 1970 and is based in Hyderabad,

This is the fourth PSU that has approached SEBI for IPO in less than one month. The other three are — Mishra Dhatu Nigam Ltd, RITES Ltd and Indian Renewable Energy Development Agency (IREDA).

Going by the draft papers, Bharat Dynamics’s IPO will see sale of equity shares by the government and the public issue will help the company in achieving the benefits of listing.

Bharat Dynamics was established in 1970 and is a manufacturer of guided missiles and allied defence equipment.

The company’s net worth stood at ₹2,212.46 crore at the end of March 2017.

SBI Capital Markets, IDBI Capital Markets and Securities and YES Securities will manage the company’s public issue.

Earlier in April last year, the Cabinet had cleared the disinvestment of four PSUs, including Bharat Dynamics and Mishra Dhatu Nigam Ltd, under the defence ministry.

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