The Indian government plans to divest a 15% stake in state-owned missile manufacturer Bharat Dynamics Limited (BDL), it was announced on 7 September. The share sale, which is expected to generate funds of up to INR9.07 billion (USD123.5 million), follows the government's divestment of a 14.8% stake in Hindustan Aeronautics Limited (HAL) in late August. In a filing to the Bombay Stock Exchange (BSE) BDL said that the government share offer could feature nearly 27.5 million shares and was scheduled to proceed over two stages. In the first stage the government was scheduled to sell on Indian stock exchanges 18.32 million BDL shares - or a 10% government stake - from 8 September. If this offer was oversubscribed the government was then to divest an additional 5% stake, or 9.16 million shares, from 9 September.
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