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
Cases of coronavirus infection are being seen increasing once again in many countr
PCS officer Jyoti Maurya, surrounded by many serious allegations including love affair and corrup
In a meeting with Water Minister Atishi and Urban Development Minister Saurabh Bhardwaj regarding
Aamir Khan is happy these days about the success of his film 'Sitare Zameen Par'. Recently he has
The horrific terrorist attack in Pahalgam, Kashmir has shaken the entire country. About 26 innoce
On the India Block March from Parliament to the Election Commission, the Delhi Police has said th
The stage is all set for IPL 2023. From March 31, an exciting brawl between 10 teams is about to
Due to the tense atmosphere between India and Pakistan, the cantonment, railway, and airport admi
On Monday, the police and administration swung into action after getting information about a clos
The National Testing Agency (NTA) has declared the result of the National Eligibility-cum-Entranc
