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
Private employees will now have to work 10 hours instead of 9, a rule implemented in this state
The Devendra Fadnavis government of Maharashtra on Wednesday increased the maximum working hours
The rains in Delhi in the three days of May have fulfilled the quota for the entire month. Normal
Prime Minister Narendra Modi is visiting the United Arab Emirates on a two-day visit. Today he wi
Bharat Jodo Nyay Yatra: PM Modi did nothing to resolve Naga political issue - Rahul Gandhi
Congress leader Rahul Gandhi attacked Prime Minister Narendra Modi on Wednesday. Said- Despite ni
Another star kid has made his debut in Bollywood, but in a different way. In the recent past, man
The new poster of 'Kantara Chapter 1', the second part of Rishab Shetty's much-awaited film 'Kant
Excise Duty Hiked on Diesel and ATF From Today: Check New Rates and Government’s Decision on Petrol
The government has hiked the Special Additional Excise Duty (SAED) on the export of petroleum pro
Mahesh Babu is in deep trouble in a money laundering case, ED sends a summons to appear in office.
South superstar Mahesh Babu (Mahesh Babu ED summon), who is also the husband of Bollywood actress
Fans are eagerly waiting for season 19 of TV's controversial reality show Bigg Boss. Fans take ev
The National Payments Corporation of India (NPCI) has clarified concerns surrounding the revised
