BHEL Stocks Tumble Amid Government's Stake Sale Plans
BHEL shares fell 6% following the government's decision to sell up to a 5% stake in the company. The sale, through an Offer For Sale, begins at a floor price of Rs 254 per share. If fully subscribed, the sale could generate Rs 4,422 crore for the government.
- Country:
- India
Bharat Heavy Electricals Ltd (BHEL) saw its shares dip by 6% on Wednesday following a government announcement to divest up to a 5% stake in the state-owned enterprise through an Offer For Sale (OFS).
The stock experienced a 6.10% reduction, trading at Rs 259.25 on the NSE, and a 6.07% fall to Rs 259.30 on the BSE, coinciding with a broader market downturn as Sensex dropped by 125.41 points and Nifty eased by 11.50 points.
Announced by the Department of Investment and Public Asset Management, the OFS will let non-retail investors bid starting Wednesday and retail investors on Thursday. Priced at a floor rate of Rs 254 per share, the sale could raise up to Rs 4,422 crore if fully subscribed.
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