BEL stake sale gets overwhelming response

The government’s move to sell stake in BEL intends to raise Rs 1,650 crore

GN Bureau | February 24, 2017


#PSU   #BEL   #aerospace   #defence   #PSU news  

 State-run aerospace and defence company Bharat Electronics (BEL), a Navratna enterprise, on the first day of its stake sale by the government aimed to raise Rs 1,650 crore received an overwhelming response. Besides, quota of non-retail investors was subscribed by over 2.34 times.

The government currently holds 74.41 percent stake in the enterprise, having market cap of Rs 34,843.5 crore.
 
According to media reports, non-retail investors bid for 2.09 crore shares against 89.34 lakh shares reserved for them. The shares were sold at a floor price of Rs 1,498 apiece.
 

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