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Bharat Electronics Ltd (BEL) OFS Subscribed by 2.34 times

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.

Market Update:

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GreenSignal Bio Pharma IPO bidding has been withdrawn from market due to lack of response.

While Laurus Labs IPO investors also will be happy with the gains they got on listing.

BSE IPO (Bombay Stock Exchange IPO) also lists with some good premium making its investors happy once again. Hope you all enjoyed it.

Now Next in pipeline is Avenue Supermarts Ltd IPO (DMart IPO) which is expected to hit market from March 08, 2017 – March 10, 2017. While Latest Grey Market Premium (GMP) of Avenue Supermarts Ltd IPO (DMart IPO) is between Rs 186 to Rs 188 per equity share.

After Avenue Supermarts IPO, next in the pipeline will be Central Depository Services Ltd IPO (CDSL IPO)  and Continental Warehousing Corporation Ltd IPO (Nhava Seva IPO).

Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insurance, SBI life insurance etc.

Keep watching this blog to keep yourself updated with all the news.

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