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
PM Modi Letter: Now only a few hours are left for the announcement of the Lok Sabha elections. Th
In an important match of the Asia Cup played in Colombo, Sri Lanka defeated Pakistan and made it
India has to face New Zealand in its last group match. This match will be played in Dubai on Marc
The wrath of cold is not showing signs of stopping. The entire Northeast India from Punjab to Del
It's been just a few days since Shah Rukh Khan's film Jawan was released. The film is also making
The case surrounding the suspicious death of Noida resident Twisha Sharma is gaining increasing m
Ever since the preview of the power-packed action film 'Jawan' came out, the wait to see the film
Jammu was again targeted by terrorists! Bullets fired on an army ambulance in Akhnoor
News of another terrorist attack is coming from Jammu. According to sources, terrorists fired on
The country's capital Delhi remains a gas chamber. In such a situation, the people of Delhi are i
IND vs USA Playing 11: Changes possible in Indian XI, Jaiswal may return, see probable playing 11
The Indian team will take on hosts USA in their third match on Wednesday. The 25th match of the T
