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
Israel Hamas War Israel has declared war after the Hamas attack. The conflict is still going on i
Pakistan fast bowler Haris Rauf has once again found himself embroiled in controversy. After catc
The Indian cricket team started the five-match T20 series against the West Indies with a defeat.
A list of 53 officers, including 29 women officers of various ranks, has been released on Wednesd
KBC 16: This comedian asked Amitabh Bachchan for a share in the property, even Big B was surprised
Veteran Hindi cinema actor Amitabh Bachchan has given one hit film after another in his career. H
Dengue cases are continuously increasing in Karnataka. The state government has now geared up to
Mumbai Indians Win IPL 2023 First Match Against Delhi Capitals. In the 16th match of IPL 2023, Mu
Indian fast bowler Mohammed Shami will be honored with the Arjuna Award for his outstanding perfo
Friendship Day 2023: Friendship is the valuable wealth of a person's life. It is such a relations
If Apple CEO Tim Cook decides to move his manufacturing unit from India to the US, Apple will suf
