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
Amidst the strong demand for complete cancellation of the integrated 70th Combined Preliminary Co
Indian Space Research Institute (ISRO) is going to launch Chandrayaan-3 soon. A team of ISRO scie
The hearing on Chief Minister Arvind Kejriwal's plea against his arrest by the High Court Enforce
Before the start of the third season of the Indian Street Premier League (ISPL), the name of acto
The Supreme Court will hear on Thursday a batch of PILs challenging the validity of certain provi
Baba Siddiqui Murder Although the Lawrence Bishnoi gang has taken responsibility for the murder o
Veteran former all-rounder Yuvraj Singh praised Indian captain Rohit Sharma and wants to see the&
Chief Minister Yogi Adityanath performed Pran Pratishtha of the supplementary temples built in th
Some time ago, it was reported that there was some rift between Govinda and his wife, and he was
Violence has erupted in Bangladesh following the death of opposition leader Osman Hadi, a critic
