March 7, 2018 / 1:38 PM / 16 days ago

India seeks to raise up to $148 million in Bharat Dynamics IPO

MUMBAI (Reuters) - India seeks to raise up to 9.6 billion rupees ($148 million) by selling a 12 percent stake in state-run guided weapon systems maker Bharat Dynamics Ltd in an initial public offering next week.

The government, which fully owns the company, will sell about 22.5 million shares in a range of 413 rupees to 428 rupees a share, Bharat Dynamics said in a statement.

The company’s employees and retail investors will be given a discount of 10 rupees 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 925 billion rupees so far this fiscal year ending in March. For the next fiscal year, the government has set a target of raising 800 billion rupees from stake sales.

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

($1 = 64.8800 Indian rupees)

Reporting by Sankalp Phartiyal; Editing by Devidutta Tripathy and Subhranshu Sahu

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