Govt plans to sell up to 25% stake in four defence companies via IPO

The government is looking to sell stakes in Mazagon Dock Ltd, Bharat Dynamics Ltd, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd.

The government is considering selling up to 25% of its stake in four state-owned companies under the control of the department of defence through an initial public offering, a public notice showed on Friday.

The Kalvari submarine constructed by Mazagon Dock Ltd being set afloat for trials and tests. Mazagon Dock Ltd is among four companies whose 25% stake may be sold. (HT File Photo / Representational)

The government has invited proposals for the IPO by 3 pm on August 18. The government is looking to sell stakes in Mazagon Dock Ltd, Bharat Dynamics Ltd, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd.

Prime Minister Narendra Modi’s government has been divesting its stake in several public and private companies to meet its Rs 725 billion ($11.38 billion) divestment target during the year to March 2018.