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
Saif Ali Khan was attacked by an intruder with a knife last night, following which the police are
Prime Minister Narendra Modi will be on a three-day visit to Gujarat from Saturday. He will chair
The much-awaited Harley-Davidson X440 motorcycle has finally been launched in India and also made
Cousin trolled for supporting Palash Muchhal, users said – to a cheater…
Palash Muchhal and Smriti Mandhana's wedding was recently postponed. Subsequently, an alleged cha
Earthquake tremors have been felt in Jammu and Kashmir. According to the earthquake mobile app, t
The final match of the World Test Championship between India and Australia is to be played from J
Hundreds of Bangladeshi nationals gathered at the international border with India in West Bengal'
Congress: 'Until you change your stance...'; Muralidharan takes a dig at Tharoor's recent statement
Senior Congress leader K. Muralidharan on Sunday once again targeted his party leader Shashi Thar
Salman Khan has a huge fan following. People of all ages, from children to the elderly, like him.
MS Dhoni: Bad news for young players! After Sachin Tendulkar, BCCI took a big step in honor of Dhoni
The Board of Control for Cricket in India (BCCI) has retired the number seven (7) jersey in honor
