Bharat Electronics Ltd (BEL) OFS Subscribed by 2.34 times:
The government’s 5 per cent stake sale in Bharat Electronics Ltd (BEL) opened to an enthusiastic response today, with the shares reserved for institutional investors getting over-subscribed.
The 2-day offer for sale (OFS) of the government’s 5 per cent stake in BEL at a floor price of Rs 1,498 opened for non-retail investors today.
The share sale got fully subscribed with bids coming in for over 2.09 crore shares as against 89.34 lakh reserved for the non-retail segment. The share sale got subscribed 2.34 times.
BEL stock was trading 3.19 per cent down at Rs 1510.25 on BSE in close trade.
The shares will be available for subscription by retail investors tomorrow. Retail buyers will be allocated shares at a discount of 5 per cent to the cut-off price.
In all, the government is selling 1.11 crore shares through the OFS route at a floor price of Rs 1,498. The share sale would fetch Rs 1,600 crore to the exchequer.
The government currently holds 74.41 per cent in BEL. Earlier this fiscal, the government had raised about Rs 1,800 crore through share buyback of BEL.
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