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
India's energy security has come under fresh scrutiny after a new report revealed that the countr
Director Asit Kumar Modi's comedy serial Taarak Mehta Ka Ooltah Chashmah is considered everyone's
G20 Dinner: What were PM Modi and Jinping talking to each other? picture of a handshake surfaced
G-20 Summit Bali: A picture has surfaced of Prime Minister Narendra Modi and Chinese President Xi
The death toll in the fire that swept through Hong Kong's residential buildings has risen to 128.
Kannada's 'Rocking Star' Yash, who made history at the box office with the success of KGF and KGF
Missing Ladies was released in theaters last year and was highly appreciated by the audience and
Under pressure from allies, the BJP made some compromises in the provisions of the Waqf Amendment
The country of India recently got the 59th Miss India in the form of Nandini Gupta. Nandini is a
Prime Minister Narendra Modi's cabinet meeting is likely to be held on Monday evening at his resi
Google Pixel 11 Pro Teaser Reveals Key Features: Tensor G6, 6.3-Inch Display & New Camera Tech
Google is gearing up to unveil its next-generation Pixel 11 series on August 12. Ahead of the lau
