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
Congress leader Rahul Gandhi has launched a scathing attack on the Modi government over the Mahat
There is both a story and silence behind every storm. Operation Sindoor is not over yet, but its
After Raja's body was found in Shillong on June 2, his family never expressed any doubt about Son
US President Donald Trump said on Friday that Venezuela had offered Washington 50 million barrels
The name of Hindi cinema's powerful actor Ranbir Kapoor is in the news these days for his upcomin
At the age of 37, Ajinkya Naik was made the President of the Mumbai Cricket Association. In the e
There are a lot of expectations from star batsman Sanju Samson in the five-match T20 series betwe
Arvind Kejriwal on Thursday launched a major attack on Chief Election Commissioner Rajiv Kumar ov
Prime Minister Narendra Modi on Friday dedicated the country's first rapid rail to the people. He
'It is ours, it is ours...', Sonia Gandhi replied smilingly on the Women Reservation Bill. Video
Women's Reservation Bill. Today is the second day of the special session of Parliament. Today is
