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
MS Dhoni, one of India's most successful captains, is considered to have a lucky number of seven,
Delhi has once again become the most polluted capital of the world. This news is very bad for the
Prime Minister Narendra Modi's birthday is today i.e. on 17 September. He has turned 74 years old
Prime Minister Narendra Modi addressed a joint session of the Parliament of Trinidad and Tobago o
The moisture-laden winds blowing from the Arabian Sea are going to bring relief to the scorching
Sunny Deol and Manisha Patel's film Gadar 2 has captured the theatres. The film is getting as muc
Bharat Jodo Nyay Yatra, being taken out under the leadership of Rahul Gandhi, has moved forward f
After Iran, now missile attack on Iraq, two military bases were destroyed; Is Israel involved?
Iraq Attacked After Iran: There have been massive air attacks on military bases in Iraq today. Th
Kapil Dev, the captain who led India to the 1983 World Cup title, has expressed his opinion on Ga
Mumbai Indians achieved their second win on their home ground on Thursday in IPL 2024. They defea
