Bharat Dynamics IPO To Add Rs 960 Crore To Government's Disinvestment Kitty

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Mumbai: Government seeks to raise up to Rs 960 crore by selling a 12 percent stake in state-run guided weapon systems maker Bharat Dynamics Ltd in an initial public offering (IPO) next week. The government, which fully owns the company, will sell about 22.5 million shares in a range of Rs 413 to Rs 428 a share, Bharat Dynamics said in a statement.

The company's employees and retail investors will be given a discount of Rs 10 per share in the IPO which opens on March 13 and closes on March 15.

Bharat Dynamics will not receive any proceeds from the IPO.

The sale will add to the government's revenue from asset sales which has already reached a record Rs 92,500 crore so far this fiscal year ending in March. For the next fiscal year, the government has set a target of raising Rs 80,000 crore from stake sales.

SBI Capital Markets, IDBI Capital Markets and Yes Securities are managing the Bharat Dynamics IPO.

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