
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
The only Test match between Bangladesh and Afghanistan is being played in Mirpur. On the first da
The political and environmental debate surrounding the protection of the Aravalli Hills has inten
Atiq targeted Muslims the most, Ashraf abducted a minor from the madrasa and raped her overnight
After the murder of Mafia Atiq Ahmed, the victims of his atrocities have also started coming forw
The opposition has targeted the central government and Home Minister Amit Shah over the blast nea
The Delhi High Court on Monday granted interim relief to Bollywood actor Rajpal Yadav, giving his
Hrithik Roshan's performance as Patty in Siddharth Anand's directorial film 'Fighter' is being li
The final match of the five-match T20 series between India and New Zealand will be played in Thir
The newly elected MPs of the BJP-led NDA will meet today to elect Narendra Modi as their leader,
Yesterday on Thursday, actress Aarti Singh married Deepak Chauhan with full r
Ahead of the first anniversary of the Pahalgam terror attack, the Indian Army on Tuesday issued a