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
This horror show has taken Netflix by storm, with all seasons trending in the top 10.
There are many shows on Netflix whose new seasons viewers eagerly await. New seasons often trend
Accusing some parties and organizations of misleading Muslims, Union Minority Minister Kiren Riji
The havoc of the cyclonic storm may have stopped in Gujarat, but the effect of the storm is being
The last vote in the 2024 election year was cast at 6 pm on Wednesday (November 20). Maharashtra'
Before the start of the ICC World Cup 2023, Australia is facing Pakistan in a warm-up match. Batt
This year, many star kids made their debut on the big screen, but their films neither earned mone
The world champion football team Argentina crushed Coração 7-0 in an international
The Special Cell of Delhi Police will take the accused to the Parliament complex on Saturday or S
State Deputy Chief Minister Keshav Prasad Maurya reached Vakalatkhana on Friday and sought the co
The German government has stated Rahul Gandhi's removal from parliament. In its statement, German
