
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
BJP's Medha Vishram Kulkarni introduced a corrigendum in the Upper House on Thursday afternoon af
Salman Khan has never accepted his relationship with Yulia Vantur, but the two often make headlin
Sarwan Singh Pandher, general secretary of Punjab Kisan Mazdoor Samiti, on Wednesday, requested t
There would hardly be any viewer fond of foreign films who has not seen even a single film made o
The horrific terrorist attack in Pahalgam, Kashmir has shaken the entire country. About 26 innoce
After taking 24 wickets in the ODI World Cup 2023, Mohammed Shami has joined the list of the most
Kaun Banega Crorepati 16 is a reality show that is liked by people of every generation. The telec
Manipur Violence: Two buses used by security forces were set on fire by the mob, no casualties
Violence in Manipur is not taking the name of stopping. As soon as the government and the common
MS Dhoni showered his love for CSK amidst talks of retirement, said- I will always be with them.
Mahendra Singh Dhoni's future in IPL is being discussed continuously. Many reports claimed that M
IPL 2023 has crossed its half stage. Almost seven league matches have been played for all the tea