HAL Stake Sale: The government will sell up to a 3.5 percent stake in Hindustan Aeronautics Limited (HAL) at a floor price of Rs 2,450 per share. The two-day offer for sale (OFS) will open for institutional investors on Thursday and for retail buyers on Friday.
The OFS comprises a base issue of 1.75 percent or 58.51 lakh shares. This also includes the option of retaining the over-subscription.
The government will sell a stake in HAL
HAL has said in a regulatory filing that the oversubscription option is being exercised in this sale. The Equity Shares forming part of the Base Offer Size and oversubscription option will represent 3.50 percent (1,17,03,563) Equity Shares of the Company.
what is the deal price?
The sale of a 3.5 percent stake at the floor price of Rs 2,450 per share will fetch the exchequer around Rs 2,800 crore. The floor price is at a discount of approximately 6.7 percent to the closing share price of HAL on BSE. Shares of HAL on Wednesday closed at Rs 2,625.20, down 0.93 percent, on the BSE.
The government proposes to sell 1.75% of its equity shares of the face value of Rs 10 each to non-retail investors. Apart from this, the option of selling 1.75% more stake is also open in case the issue is oversubscribed, that is, a total of 3.5% stake can be sold in this way.
HAL is a defense company
The government currently holds a 75.15 percent stake in HAL, a Central Public Sector Enterprise (CPSE) under the Ministry of Defence. The proceeds from the HAL OFS will be added to the disinvestment fund of the government for the current financial year.
The government has so far raised Rs 31,106.64 crore through disinvestment and share buyback in CPSEs. The government had last monthly revised its estimate of disinvestment revenue for the current fiscal at Rs 50,000 crore against the budgeted target of Rs 65,000 crore.
Also Read: Signature Bank : After SVB, now Signature Bank is also closed, and FDIC takes control
Continuous rains continue to wreak havoc in many cities of Maharashtra. The situation has gone fr
Controversy is going on regarding the match between India and Pakistan in Asia Cup 2023. At the s
There is a continuous increase in the cases of corona in the country. Meanwhile, the XBB 1.16 var
Missing Ladies was released in theaters last year and was highly appreciated by the audience and
Rashtriya Janata Dal (RJD) will file a petition today to challenge the new Waqf law in the Suprem
Mohammad Deepak, who came into the spotlight amidst a dispute over a shop name change in Kotdwar,
Investors Beware! Underperforming Funds From Axis, LIC MF and Others Raise Concerns
Large-cap mutual funds are often considered one of the safest investment options in the equity ma
Famous cricketer Shikhar Dhawan is set to tie the knot for the second time. He is going to marry
India's star cricketer Virat Kohli is known for his fitness. Since Kohli's arrival in Team India,
Navyuga, the company constructing it, will bear the expenses of the rescue operation to safely ta
