Re­tailPor­tionof BEL’s Of­fer for Sale Sub­scribed 3.67 Times

The Economic Times - - Companies: Pursuit Of Profit -

Mum­bai: The gov­ern­ment’s sale of its 5% stake in Bharat Elec­tron­ics was lapped up by re­tail in­vestors who put in bids for 3.67 times the shares re­served for them on Thurs­day. Over­all, the is­sue was sub­scribed 5.3 times en­sur­ing ₹ 1,670 crore for the ex­che­quer.

Re­tail in­vestors bid for over 81.87 lakh shares as against 2.23 lakh shares re­served for them in the two-day of­fer for sale which closed on Thurs­day. The in­sti­tu­tional in­vestor se gment on We d n e s d a y was sub­scribed 2.34 times. The g o v e r n me n t sold 1.11 crore shares through the OFS route at a floor price of ₹ 1,498 per share. Shares of BEL marginally de­clined to close at ₹ 1,507.10 on Thurs­day.

The fi­nance min­istry, in a state­ment on Thurs­day, said that the of­fer for sale for BEL got an en­thu­si­as­tic par­tic­i­pa­tion both from re­tail and the non-re­tail in­vestors, in­clud­ing do­mes­tic in­sti­tu­tional in­vestors and for­eign in­sti­tu­tional in­vestors. The gov­ern­ment held 74.41% in BEL prior to OFS. About ₹ 32,000 crore have been raised by the gov­ern­ment through share sales, share buy­back and CPSE ETF so far in the cur­rent fis­cal.

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