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
Amidst the widespread protests and growing instability in Iran, several Indian citizens arrived a
The clouds of crisis have deepened over the film 'Ramayana', which is being made o
Bollywood actor Salman Khan has once again received a death threat. A threatening message has bee
Captain Dimuth Karunaratne (179) and Kusal Mendis (140) scored centuries as Sri Lanka made a huge
North Korea threatens to shoot down American reconnaissance planes, 'a nuclear war may break out'
North Korea on Monday accused the US of violating its airspace with reconnaissance planes and thr
Amid the NEET-UG controversy, the Supreme Court issued notice to the Center and the National Test
Nine people were killed and several others were injured in a deadly explosion near the Nowgam pol
The Government of India has rejected the claim of private weather agency Skymet Weather. On Monda
Shubman Gill, who scored brilliant runs in the ICC Cricket World Cup 2023, remains in the news on
Who did Saint Premanand first enthrone? He prostrated himself before him and had his feet washed.
This is the eternal tradition: when two prominent practitioners from different sects met, not onl
