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In one of the most successful instances of its disinvestment drive, the Union government on Thursday raised over Rs 1,600 crore from the sale of 5 per cent stake in Bharat Electronics Ltd (BEL) after retail investors oversubscribed the shares on offer by more than 3.6 times. "There has been the overwhelming response from the retail investors, with the issue being subscribed 367 per cent in the retail category," said a Finance Ministry statement. Retail investors bid for over 81.87 lakh shares of the 22.34 lakh shares on offer. The issue was opened for retail investors for 20 per cent of the overall offer with a discount of 5 per cent on the cut-off price.
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