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
After 27 years, the BJP government has been formed in Delhi. In the swearing-in ceremony held at
In Ultimate Table Tennis Season 4, the Mumbai team achieved its second consecutive victory. Mumba
Lucknow Super Giants face Mumbai Indians on Tuesday in the 48th match of IPL 2024. Before the sel
Weather Update: Relief from humid heat, heavy rain in Delhi-NCR; Know when the monsoon will arrive
Monsoon has knocked in many states of the country. People were in bad condition due to the scorch
Salaar: Prabhas starrer 'Salaar' dominates the box office, earned Rs 150 crore in Hindi alone
Leaving behind 'KGF 1', 'Bahubali 1' and 'Pushpa 1', Hombale Films' film 'Salaar', directed by Pr
'India' vs 'Bharat' is being discussed the most in the country at present. First, 'President of I
The Champions Trophy is going to start from today. Before the start of the tournament, a big cont
A train is hijacked in Balochistan, Pakistan and many passengers are taken hostage. This hijackin
Bhool Bhulaiyaa 3 is all set to rock the theatres this Diwali. The film's star cast is busy promo
Kolkata Knight Riders made a spectacular entry in the final of IPL 2024. KKR entered the IPL fina
