Bharat Dynamics, has opened its initial public offer (IPO) for subscription today and the issue will close on March 15.

The initial public offering of 2,24,51,953 equity shares is an an offer for sale by the promoter, The President of India, acting through the Ministry of Defense. The company has reserved a portion of 4,58,203 equity shares for allotment to eligible employees.

The price band for the offer is fixed at Rs.413-428 per share. Employees and retail investors will get shares at a discount of Rs.10 per share on offer price. Bids can be made for a minimum lot of 35 equity Shares and in multiples of 35 shares thereafter.

The company aims to raise Rs.927.27 crore at lower end of price band and Rs.960.94 crore at higher band, via issue. Further, the major objects of the issue are to carry out the disinvestment of 22,451,953 equity shares by the selling shareholder and to achieve the benefits of listing the equity shares on the stock exchanges.

Read EquityPandit’s Technical Analysis of Indian Stock Market