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
Health facilities in Uttar Pradesh will get wings. A provision of Rs 50550.42 crore has been made
The five-day session of the Jammu and Kashmir Assembly has begun. The session began with the addr
ED's action against Tamil Nadu Government's Electricity Minister Senthil Balaji has heated the po
Indian team's star all-rounder Hardik Pandya has shared a cute video on his Instagram account and
Suryakumar Yadav Duck Out Flop Performance IPL 2023. Batting first in the 16th match of IPL 2023
Wanindu Hasaranga SL vs AFG: In the second T20 International match played between Sri Lanka and A
BCCI Secretary Jay Shah has confirmed that BCCI has not approached any Australian cricketerÂ
In our country, walking has been a very old tradition, which is considered a spiritual way to con
Sanatan Dharma Row: Tamil Nadu Chief Minister MK Stalin's son and Minister Udhayanidhi Stalin's c
China Flood: Outcry due to heavy rains in China, record of 140 years was broken; 21 people died
Rain in China has broken the record of 140 years. In the last five days, 744.8 mm or 29.3 inches