RetailPortionof BEL’s Offer for Sale Subscribed 3.67 Times
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.