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The Centre’s move to divest 5 per cent stake in BEL (earlier Bharat Electronics), out of its overall shareholding of 74.41 per cent, received an overwhelming response with the issue getting oversubscribed 2.6 times, according to PIB press release.
This transaction, which was done through the offer-for-sale , will lead to the government bagging ₹1,670 crore as divestment receipts. The floor price was fixed at ₹1,498 a share for the issue.
While the allocation for retail category got subscribed 3.7 times, the over-subscription was 2.34 times in the non-retail category, said PIB release.
BEL is a Navratna company under the administrative control of the Defence Ministry.
On Thursday, the issue was opened for retail investors for 20 per cent of the overall size, i.e. 22.34 lakh shares.
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