New Delhi, February 11 The government's sale of shares in BHEL was oversubscribed by two times on Wednesday, with institutional investors placing bids worth over ₹5,650 crore.
Institutional investors placed bids for over 22.07 crore shares at an indicative price of ₹256.07 per share, compared to the offer of over 9.40 crore shares.
The base issue was oversubscribed by two times, with bids totaling ₹5,650 crore received.
The government is divesting 3 per cent of its equity in BHEL, with an additional 2 per cent as a green-shoe option at a floor price of ₹254, in the two-day sale. Retail investors will be able to place bids on Thursday.
The base issue comprises over 10.44 crore shares, or 3 per cent, in BHEL, plus a green-shoe option to sell over 6.96 crore shares, or 2 per cent.
The sale of a total of 17.41 crore shares, or 5 per cent, would generate ₹4,422 crore for the government. The government holds 63.17 per cent in BHEL.
BHEL shares touched a low of ₹258.60 on Wednesday. The scrip closed at ₹260.65, down 5.58 per cent from the previous close.
So far this fiscal year, the government has raised ₹8,768 crore through the disinvestment of public sector undertakings (PSUs).
