Govt to sell 5.3% in Bhel, eyes Rs 4,650cr

MUMBAI: Govt is selling nearly 18.3 crore shares, translating to about 5.3% stake in PSU engineering major Bharat Heavy Electricals (Bhel) to mobilise about Rs 4,650 crore. The disposal of stake will be through the offer for sale (OFS) route that will open today and close on Thursday. The floor price for the OFS has been set at Rs 254 per share, Bhel's disclosures to the stock exchanges showed.

Under the terms of the OFS, the base offer is for a little over 10.4 crore shares of Bhel. In case there's excess demand, an additional 7 crore (aprox) shares would be put up for sale. Govt is also offering an additional 87 lakh shares of the company to its employees, the offer document showed.

The offer will open for institutional and other non-retail investors on Wednesday. Retail investors and the company's employees will be able to participate in the offer on Thursday.