Shares in the Bharat Dynamics IPO are being issued in a price band of Rs413-428. Photo: iStockphotoMumbai: The Rs960 crore initial public offering (IPO) of public sector unit (PSU) Bharat Dynamics Ltd witnessed an overall subscription of 32% on Tuesday, the first day of the share sale, data from stock exchanges showed. Bharat Dynamics has priced its shares in a band of Rs413-428 per share. The initial share sale of Bharat Dynamics is a pure offer for sale that will see the government selling a total of 22.45 million shares, representing a stake dilution of about 12%. Incorporated in 1970, Bharat Dynamics is engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles, underwater weapons, launchers, and test equipment, and supplies them to the Indian armed forces.

Source: Mint March 13, 2018 14:16 UTC