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
Shares of cybersecurity firm CrowdStrike closed with a big drop on Friday. The drop was recorded
Tiger Nageswara Rao Collection Day 1: Many films were released at the box office on Friday, 20 Oc
Shah Rukh Khan Gets Y+ Security: The year 2023 has been very good for Bollywood's King Shah Rukh
The performance of Sunrisers Hyderabad in IPL 2023 is not going well. The team faced a total loss
US President Donald Trump recently praised Prime Minister Narendra Modi, calling him his friend a
After Ranbir Kapoor's Animal, fans are eagerly waiting for his next film 'Ramayana'.&nb
The film 'Humare Barah' is in a lot of discussion before its release. The film is also in controv
India won the T20 World Cup for the first time in 2007 under the captaincy of Mahendra Singh Dhon
In the case of a breach in the security of Parliament, the Delhi Police Special Cell on Saturday
The court has delivered its verdict on five serious charges against former Bangladesh Prime Minis
