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
Uniform Civil Code: Tribes of Uttarakhand may be out of UCC, the government is yet to decide on this
The tribes of Uttarakhand can remain separate from the Uniform Civil Code. There are seven major
The Indian Space Research Organization (ISRO) said on Thursday that the rover Pragyan moving on t
Tuesday (July 11) saw two major upsets at the Wimbledon Open. World number one women's player and
This season of Bigg Boss 19 is quite interesting, because this time different types of contestant
Prime Minister Narendra Modi addressed young voters on National Voters' Day on Thursday. During t
Doctors across the country are protesting at various places against the rape and murder of a fema
The performance of Sunrisers Hyderabad in IPL 2023 is not going well. The team faced a total loss
Fans have been waiting for Allu Arjun's Pushpa 2 The Rule for a long time. This is one of the mos
It is said that if your intentions are good and your courage is high, then one-day success will k
NEET 2023: 20 lakh candidates will be included, 499 exam centers being built in India
The National Testing Agency (NTA) has set up 499 examination centers across the country for the N
