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
Whenever a match is played between India and Pakistan on the cricket field, a war of words often
Prime Minister Narendra Modi on Wednesday addressed the International Conference on Green Hydroge
The Government of India has launched Operation Sindhu for the safe return of Indian citizens from
It has been more than three months since the ongoing war between Israel and Hamas. While so far m
Protests are still going on in many parts of the country after the incident with a 31-year-old wo
Former US President Donald Trump was recently shot during an election rally. The attacker fired s
Spinny IPO 2027: Sachin Tendulkar-Backed Spinny Files Papers, Eyes ₹3,000 Crore Issue
Sachin Tendulkar-backed used-car marketplace Spinny has taken a major step towards a potential st
Delhi: 'Couple kiss' and 'women's war of words' before bikini in metro
Metro of the capital Delhi is discussed in the country as well as in the world. Delhi Metro, whic
Following Chief Minister Mamata Banerjee’s defeat in the Bengal elections, Vivek shared an
Union Minister Kiren Rijiju has made a scathing attack on Congress leader Rahul Gandhi. He said t
