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
External Affairs Minister Dr. S Jaishankar attended a book release ceremony in Delhi. During this
High alert issued in states bordering Nepal, soldiers searching people at the border
The situation in Nepal is going from bad to worse. Meanwhile, the Nepal Army has imposed curfew,
Thalapathy Vijay is in the news these days for his personal life. First, his wife Sangeeta filed
India's strength on display at AI Summit, PM Modi says world appreciates its capabilities
Prime Minister Narendra Modi said on Monday that the entire world praised India's potential at th
The performance of the Indian team against Australia in the World Test Championship final has bee
In every work of Sanjay Leela Bhansali, his sets are praised. These days his first
Shraddha Kapoor: Fans upset with Shraddha Kapoor's cryptic post, asked if the account was hacked?
Bollywood actress Shraddha Kapoor is very active on social media. She keeps sharing things relate
The countdown for IPL 2024 has started. The 17th season of the Indian Premier League is to start
Actor Pankaj Dheer, who played Karna in the serial "Mahabharata," has passed away. He was 68 year
Prayers were offered for peace and prosperity in the country on Bakrid at the Taj Mahal. Morning
