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
Chhattisgarh's famous comedy YouTuber Devraj Patel has died in a road accident. According to info
The election fever is rising with each passing day for the Maharashtra assembly elections. Leader
SRH vs RR: If this batsman is made the captain then luck can shine, choose your team wisely
The 50th match of IPL 2024 will be played between Sunrisers Hyderabad and Rajasthan Royals.&
Amid the two-week-long military conflict between Israel and Iran, India has launched Operation Si
The farmers who set out to march to Delhi demanding 12 demands including a legal guarantee of min
On Thursday, famous Telugu film actor Allu Arjun has been honored with the state government's Gad
After leveling the series 1-1 by defeating England by 106 runs in Visakhapatnam, both the teams h
Gold and silver prices continue to fluctuate. Gold has become cheaper by up to ₹3,400, while si
Senior Congress leader and former Union Home Minister Shivraj Patil breathed his last this mornin
Another ICC tournament and once again India has defeated Pakistan. In the Champions Trophy match
