Bharat Dynamics files draft papers for IPO
Becoming the fourth PSU in line to get listed in 2018, defence PSU Bharat Dynamics filed its draft red herring prospectus with market regulator SEBI to roll out its initial public offer on Tuesday. Bharat Dynamics joined the bandwagon of PSUs who filed their draft papers with Mishra Dhatu Nigam, RITES and Indian Renewable Energy Development.
According to reports, the company’s public issue will be managed by SBI Capital Markets, IDBI Capital Markets & Securities and Yes Securities. Whereas, the company net worth was Rs. 22.12 billion by the end of March 2017.
The cabinet had cleared the disinvestment of about four PSUs in April 2017 including Bharat Dynamics and Mishra Dhatu Nigam under the ambit of defence ministry.
The company boasted of an order book worth nearly Rs. 111.64 billion as of October 31, 2017. The company had posted a net profit of 490 crore in the fiscal year 2017 against Rs. 560 crore in the fiscal year 2016.
Bharat Dynamics, a government enterprise was established in 1970 as a manufacturing base for guided weapon systems. Headquartered in Hyderabad, the company produces Milan-2T, Konkurs M anti-tank guided missile, Invar, Akash, Advanced Light Weight Torpedo and Milan - 2T among others.