
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
The Indian team has two major goals in the upcoming T20 World Cup. The first is to become the fir
Transport service remained disrupted on Thursday due to rain and fog. 12 flights to and from Lal
Prime Minister Narendra Modi said that economic development of the country is possible only with
JEE Main Admit Card 2023: Admit card for JEE Main April session released, download from this link
JEE Main Admit Card 2023 Session 2: The admit cards of the candidates who applied for appearing i
Pollution in Delhi continues to worsen, and with the onset of winter, air quality has once again
Jamshedpur violence: The atmosphere of the area worsened late Sunday evening after the incident o
Team India's picture was a super hit in the final match of Asia Cup 2023. In the title match, Roh
The clouds of crisis have deepened over the film 'Ramayana', which is being made o
The central government has taken a big decision on GST rates while taking forward the economic re
The tenure of Team India head coach Rahul Dravid ended after the ODI World Cup 2023. After Ravi S