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
A major box office battle is set to unfold in March. Two major films will clash: Ranveer Singh's
The Supreme Court on Monday stayed the Delhi High Court's order suspending the life sentence of f
Animal Online Leak: Ranbir Kapoor and Rashmika Mandanna starrer film 'Animal' was released in the
Sikhs for Justice (SFJ), an organization led by Khalistani terrorist Gurpatwant Singh Pannu, has
The National Testing Agency is scheduled to close the application window for CUET UG today, April
Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on Monday that the governmen
The date of the oath-taking ceremony of Telugu Desam Party chief Chandrababu Naidu as the Chief M
Severe heat and heat waves have been wreaking havoc across the country for the past several days.
The night of June 27 brought bad news for Bollywood and TV industry. 'Kaanta Laga Girl' Shefali J
Due to heavy rains in the capital Delhi on Friday, a major accident occurred due to the collapse
