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
The first Test between India and South Africa is being played in Centurion. On the second day, So
Until now, you have likely relied solely on the IRCTC app to book train tickets. However, Indian
Steve Smith's controversial run-out decision in Ashes 2023: In Ashes 2023, another decision of th
New Version of 'Dhurandhar 2' Released After 11 Days; Error Found in Aditya Dhar's 'Peak Detailing'
‘Dhurandhar: The Revenge’ is currently running in theaters and is, without a doubt, d
The makers of the film "Kaantara Chapter 1" hosted a success party in Delhi on Wednesday. Present
Karnataka Chief Minister Siddaramaiah shared a tweet on Monday on the death of B. Saroja Devi, ex
The results of Maharashtra Assembly Elections 2024 came on Saturday (23 November), but the pictur
Monsoon rains have started once again in the country. The Meteorological Department has predicted
After the terrorist attack in Pahalgam on 22 April, India carried out Operation Sindoor and destr
The West Indies and South African teams, who were unable to return home due to a lack of flights,
