Government-possessed guard gear producer Bharat Dynamics Ltd is
looking for Rs 7,844. 43 crore ($1.21 billion) in valuation through its
first sale of stock, start one week from now.
The Hyderabad-based open segment unit has settled a value band of Rs
413-428 for each offer for the Rs 960.94-crore IPO at the upper end of
the band, the organization said on Wednesday.
The three-day open issue, which opens on 13 March, will be totally an
optional market deal. The administration, going about as the promoter,
will offer 22.45 million offers, or weaken a 12.25% stake in the
organization, on a post-issue premise.
From the date of posting, Bharat Dynamics will get three years to
convey its promoter stake down to 75%, or lower, to meet the Securities
and Exchange Board of India standards on least open buoys.
Bharat Dynamics had documented its draft outline with SEBI on 22 January. It got administrative freedom on 15 February.
The organization is the most recent among PSU barrier and resistance
related organizations to select the capital markets course. Hindustan
Aeronautics Ltd had recorded its draft proposition with SEBI in October
2017 in the wake of moving forward and backward on its gets ready for a
long time. It had gotten administrative gesture for its IPO soon
thereafter.
Another state-possessed firm, Mishra Dhatu Nigam Ltd (Midhani) had
petitioned for an IPO in January and got SEBI gesture a month later. The
organization makes exceptional steel and superalloy items, other than
being the main producer of titanium composites in India. It obliges
safeguard, aviation, control age, atomic and other general building
ventures.
PSU offerings are a piece of the administration’s record
disinvestment focus of Rs 80,000 crore for the following money related
year.
The legislature has raised Rs 92,476 crore through disinvestment in
the current financial year up until this point, higher than the Rs
72,500 crore target. In any case, more than 33% of that sum, or Rs
36,9015 crore, originated from the stake deal in state-run refiner
Hindustan Petroleum Corp Ltd to state-run pilgrim Oil and Natural Gas
Corp.
Bharat Dynamics was consolidated in 1970. It is occupied with making
surface-to-air rockets (SAMs), against tank guided rockets (ATGMs),
submerged weapons, launchers, countermeasures and test hardware.
It is the sole maker for SAMs in India, torpedoes and ATGMs. The
organization is the sole provider of SAMs and ATGMs to the Indian
military. It is additionally occupied with the matter of restoration and
life augmentation of rockets produced.
The organization works three assembling offices situated in
Hyderabad, Bhanur and Visakhapatnam. It is setting up two all the more
assembling offices at Ibrahimpatnam (close Hyderabad) and Amravati in
Maharashtra. The proposed units will be utilized to make SAMs and
short-run air protection rockets (VSHORADMs), separately.
The organization had a request book of Rs 11,164 crore as on 31 October 2017.
SBI Capital Markets, IDBI Capital Markets and Securities, and Yes Securities are trader investors dealing with the IPO.
