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
Along with interference in the coal business and government contracts, the beating of Mukhtar Ans
The tenure of Team India head coach Rahul Dravid ended after the ODI World Cup 2023. After Ravi S
Ranbir Kapoor: Ranbir Kapoor has not been summoned as an accused, know why ED sent the summons
Bollywood actor Ranbir Kapoor is constantly in the headlines these days. Recently news came out t
A few days ago, Israel carried out air strikes with missiles on Iran. Israel claimed that Iran fi
The five-match T20 series between India and England is scheduled to begin from January 22. Before
In IPL 2023, the match is to be played between Mumbai Indians and Royal Challengers Bangalore on
Kolkata Knight Riders (KKR) won the title for the third time by defeating Sunrisers Hyderabad in
India is hosting the G20 summit. The summit will be held in New Delhi on September 9. Earlier, Pr
PM Modi watched Vikrant Massey's The Sabarmati Report, a film based on the Godhra incident.
PM Narendra Modi has seen Ekta Kapoor's film 'The Sabarmati Report' based on the Godhra incident.
Although the situation is not clear due to the Supreme Court's stance on the Waqf Amendment Act,
