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
Shubman Gill Century: A five-match Test series is being played between India and England, the sec
Kolkata Knight Riders suffered a two-wicket defeat at the hands of Rajasthan Royals in a thrillin
After presenting Haryana's YouTuber Jyoti Malhotra in court on charges of spying for Pakistan, he
Indian cricket team's veteran spinner Ravichandran Ashwin has suddenly withdrawn from the ongoing
ISKCON priest Chinmoy Krishna Das, arrested in Bangladesh on charges of sedition, will have to re
The earthquake that struck the capital Delhi on Monday morning shook many areas of North India in
Samay Raina's fun update on the return of India Got Latent, also announced a comeback tour.
Famous comedian Samay Raina is once again in the headlines. Recently, a question from the paparaz
The movement against the Sheikh Hasina government in Bangladesh was not spontaneous. This means t
Geetanjali Iyer, a well-known television anchor of the nineties, is no more with us. There is a w
SIT will now investigate the case of the death of 16 children by drinking cough syrup 'cold' in M
