 "Bharat Dynamics Ltd Akash Weapon System")
Defence PSU Bharat Dynamics Ltd has filed draft papers with capital markets regulator Sebi to float an initial public offer.
This is the fourth PSU that has approached Sebi for IPO in less than one month. The other three are — Mishra Dhatu Nigam Ltd, RITES Ltd and Indian Renewable Energy Development Agency (IREDA).
Going by the draft papers, Bharat Dynamics's IPO will see sale of equity shares by the government and the public issue will help the company in achieving the benefits of listing.
Bharat Dynamics was established in 1970 and is a manufacturer of guided missiles and allied defence equipment.
The company's net worth stood at Rs 22.12 billion at the end of March 2017.
SBI Capital Markets, IDBI Capital Markets & Securities and Yes Securities will manage the company's public issue.
Earlier in April last year, the Cabinet had cleared the disinvestment of four PSUs, including Bharat Dynamics and Mishra Dhatu Nigam Ltd, under the defence ministry.
