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Business News/ Companies / News/  Govt  to  raise 907 crore via stake sale in BDL

The Union government is looking to dilute its stake in another defence manufacturer, Bharat Dynamics Ltd (BDL), following the 5,020 crore share sale in Hindustan Aeronautics Ltd (HAL) last month.

On Monday, BDL informed the stock exchanges that the government is looking to sell at least 183 million shares in a base offer, and could sell another 9.1 million shares if it receives an oversubscription.

The floor price for the offer for sale has been fixed at 330 per share. This is at a 14% discount to BDL’s closing price of 384.5 apiece on the BSE on Monday.

The government holds 87.75% in BDL as of 30 June.

The two-day share sale, which will open on Tuesday, is part of the government’s ambitious divestment target of 2.1 trillion for this fiscal.

In a separate development, on Monday, Amber Enterprises India Ltd, a contract manufacturer of consumer durables, announced the launch of its qualified institutional placement (QIP) offering, through which it plans to raise around 400 crore.

Amber is one of India’s largest contract manufacturers of air-conditioners and spares for top global brands such as LG, Daikin, Blue Star, Panasonic, CarrierMidea and Hitachi.

The company is looking to sell its shares at an indicative offer price of 1,775 to 1,780 per share, a discount of around 7.15-7.17% to the closing price on Monday, according to deal terms seen by Mint.

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Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Updated: 07 Sep 2020, 11:27 PM IST
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