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
There was a ruckus on the fifth day of the Jammu and Kashmir Assembly i.e. today (8 November). Th
A big revelation is going to be revealed soon on the murder of Khalistani terrorist Hardeep Singh
'Bangalore Days' is a Malayalam film released nine years ago starring actors like Dulquer Salmaan
The familiar caller tune with the voice of Bollywood superstar Amitabh Bachchan will not be heard
Given the increasing cases of dengue in the country, Union Health Minister Mansukh Mandaviya has
A three-match T20 series between India and Afghanistan is set to take place in September, with al
Shiv Sena leader Sanjay Nirupam on Wednesday raised several serious questions about the attack on
A trade war is going on between America and China, but along with this, a small trade war is also
Sunrisers Hyderabad registered a historic win against Lucknow Supergiants on Wednesday. No b
Former Maharashtra Chief Minister Uddhav Thackeray once again targeted the Shinde government. On
