Shares of Bharat Dynamics fell over 13 percent on Tuesday after the company said that the government will sell 15 percent sale in the company through an offer for sale route (OFS). The company, in a BSE filing, said that the government will sell up to 1.83 crore equity shares or 10 percent of the company for the face value of Rs 10 each.

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"The Promoter proposes to sell up to 18.33 million equity shares of the Company on September 8, 2020, (for non-retail investors only) and on September 9, 2020 (for retail investors and for un-allotted non-retail Investors who choose to carry forward their bids)," the filing said.

It added that the government can also exercise the option to additionally sell up to 91 lakh equity shares or 5 percent of the total issued paid-up capital of the company in case of oversubscription. The floor price of Rs 330 per equity share has been decided.

“If oversubscription is exercised, the total offer size will represent 27,492,188 shares or 15 percent of outstanding equity shares of the company,” it further noted. It also said the OFS will be carried out through a separate designated window of BSE and NSE.

The Centre, through the President of India, owns an 87.75 percent stake in the company. The stock fell as much as 13.4 percent to the day's low of Rs 332.60 per share on BSE.