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
People got great relief from the rain with a strong thunderstorm in Delhi last Sunday. The mercur
On Sunday, the batsmen of the defending champions, Royal Challengers Bangalore (RCB), launched a
Vikrant Massey's film 12th Fail is considered to be one of the best films of the year 2023. It is
Salaar Twitter Review: A day after the release of Shah Rukh Khan's 'Dinky', finally Rebel Star Pr
Indian ODI team vice-captain Shreyas Iyer suffered an injury during the tour of Australia. The in
Titanic Submersible Missing: The Titanic ship sank after colliding with an iceberg on a night abo
Film writer Salim Khan has been ill for the past three weeks and is admitted to Mumbai's Lilavati
Australia on Thursday defeated South Africa by 3 wickets in a breathtaking second semi-final of t
This season of Bigg Boss 19 is quite interesting, because this time different types of contestant
Bangalore police arrested Nikita's mother and brother in a completely filmy style. Two Bangalore
