The Government of India proposed to disinvest 5% of paid-up equity capital-out of its shareholding of 74.41% in BEL through Offer for Sale (OFS) mechanism.
BEL is a Navratna Company under the administrative control of Ministry of Defence and is engaged in manufacturing of the state of the art equipments in the field such as communication, radars, naval systems etc.
The floor price was fixed at Rs.1,498/- per shares for the OFS Issue. Issue was opened at the BSE and NSE Stock Exchanges for two days i.e. on 22nd February, 2017 for Institutional Investors and 23rd February, 2017 for Retail Investors.
The likely receipt to the Government of India from BEL OFS is Rs. 1670 crore (approx.).