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
Upcoming IPOs Next Week: SBI Funds, Alpine and One More Issue to Open; GMP Soars Up to ₹390
The primary market is set for another busy week as three new Initial Public Offerings (IPOs) are
After the Waqf law, the Joint Parliamentary Committee (JPC) formed for 'One Country, One Election
iPhone Fold Launch: Apple’s First Foldable May Debut With iPhone 18 Pro; Price and Features Leaked
After years of speculation, Apple could finally enter the foldable smartphone market. Reports and
The interim budget presented on February 1 for the upcoming financial year 2024-25 was passed by
Dr. Vikas Divyakirti, the owner of Delhi's renowned coaching institute, Drishti IAS, broke his si
The National Payments Corporation of India (NPCI), in a recent circular, has advised that charges
Irfan Pathan On Shardul Thakur IPL 2023. On 6 April 2023, in the 9th match of IPL 2023 at the Ede
Today, on the occasion of Constitution Day, President Draupadi Murmu addressed the joint session
The White House has rejected a claim made between India and Canada. It was claimed that America h
Pakistan's Seema Haider, who fell in love with India's Sachin Meena while playing PUBG, is now em
