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Retail portion of Bharat Dynamics' offer for sale subscribed 40%

Meanwhile, shares of Bharat Dynamics fell 5 per cent on Wednesday, extending their two-day fall to 18 per cent

Bharat Dynamics | OFS norms | Centre

Samie Modak 

Bharat Dynamics Ltd Akash Weapon System
Attendees stand in front of Bharat Dynamics Ltd Akash Weapon System, manufactured by the DRDO, during the Aero India air show in Bengaluru in 2017. The Indian Army has asked the DRDO and BDL to develop an army version of the MR-SAM. Photo: Bloomberg

The retail portion of the offer for sale (OFS) saw bids for just 1.67 million shares, which is 40 per cent of the total 4.12 million on offer.

Including bids for non-retail investors, the OFS garnered 85 per cent subscription, helping the raise Rs 770 crore. Meanwhile, shares of fell 5 per cent (see chart) on Wednesday, extending their two-day fall to 18 per cent.

The shares last closed at Rs 314 per share. The base price for the OFS was set at Rs 330 per share, while retail investors were offered an additional discount of Rs 20 per share.

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First Published: Wed, September 09 2020. 17:32 IST