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
For the last 15 months, Israel and Hamas agreed to stop the conflict going on in the Gaza Strip.
Anurag Kashyap commented on Arijit Singh's retirement, saying, 'Always a heartbreak song.'
On January 27th, singer Arijit Singh announced his retirement from playback singing via a social
Nandamuri Balakrishna remains in the discussion about his upcoming films. Everyone is waiting for
Given the Chhattisgarh Assembly elections, Prime Minister Narendra Modi is visiting Durg today. D
Video surfaced of PM Modi visiting Team India's dressing room, and invited everyone to come to Delhi
The Indian team lost in the final of the World Cup. Australia defeated Team India by six wickets
Riteish Deshmukh is currently scaling the ladder of success. His film ‘Raja Shivaji’&
"Blood and water can only flow together. Why do we give them so much importance?..." This stateme
Amid growing speculations over the resignation of former Vice President Jagdeep Dhankhar, Union H
TBZ Share Price Surges 20% Despite Jewellery Stock Sell-Off: GRT Jewellers Deal Triggers Rally
Jewellery stocks came under pressure in Tuesday’s trading session after Prime Minister Nare
More than two months have passed since Congress MP Rahul Gandhi's Parliament membership was reins
