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
In IPL-2024, a unique recipe of entertainment is going to be prepared with the spice of youth ent
Japan Earthquake: Earth trembled again in Japan, the intensity measured at 6.1 on the Richter scale
Strong tremors of the earthquake have been felt in Hokkaido, Japan. Its intensity has been measur
Filmmaker Karan Johar is in the news these days for his series Love Stories. Now Karan is launchi
The written examination for direct recruitment to 60,244 posts of constable civil police in UP Po
Amidst the fervor of the Haryana assembly elections, Rahul Gandhi reached the house of Amit Mann,
After the encounter of Anuj Pratap Singh, a one lakh prize of one lakh of the Sultanpur robbery c
One country-one election bill will be presented in Lok Sabha today, BJP issued a whip to MPs
The Constitution (129th Amendment) Bill for 'One Nation One Election' is going to be introduced i
A case of 'Bigg Boss OTT 2' winner Elvish Yadav receiving threats has come to light. Extortion ha
A trade war is going on between America and China, but along with this, a small trade war is also
With the help of Shubman Gill's record double century (269), the Indian team scored a huge score
