
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
In T20 International cricket, Indian batsmen Tilak Verma and Rinku Singh have made a record that
Could Salman Khan's next step be towards politics? This time there was a lot of discussion on thi
On Wednesday, Pakistan Prime Minister Shehbaz Sharif reiterated that he is ready to hold talks wi
Pakistan suffered a 2-1 defeat in the three-match ODI series during their tour of Bangladesh. Fol
In the initial episodes of Bigg Boss 18, the contestants started fighting with each other. Not ev
The Indian ODI team will depart for Australia from Delhi on October 15th in two groups, and the f
Modi 3.0 Oath Ceremony: The results of the Lok Sabha elections were declared on Tuesday (4 June).
Yash Raj Films' new film 'Tiger 3', according to the initial trends on the second day of its rele
Shreyas Iyer: The doors of the Indian team are getting closed for middle-order batsman Shreyas Iy
The face of Punjab can change with the guarantee of MSP of lentils, arhar, urad, maize, and cotto