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
Just a few days ago, some unknown people tried to enter the residence of Bollywood veteran actor
The ninth edition of the Raisina Dialogue Conference started on 21st February. Politicians from a
After the 7-wicket defeat to Punjab Kings, Mumbai Indians captain Hardik Pandya spoke openly abou
The person who fired at Salman Khan's house did not get bail. The special court rejected the plea.
Fans are very crazy about Salman Khan. Bhaijaan's fans pray for the actor's safety every moment.
Forty days ago a plane crashed in the Amazon jungles of Colombia. After this incident, news came
Royal Challengers Bangalore (RCB) veteran batsman Virat Kohli can achieve a big feat during the m
In the 42nd match of IPL 2023, even though Rajasthan Royals had to face defeat at the hands of Mu
The UP police are once again questioning Seema Haider, a Pakistani woman who entered India illega
Bharatiya Janata Yuva Morcha (BJYM) has filed a complaint with the Economic Branch of Mumbai Poli
In the Umesh Pal kidnapping case, the Prayagraj MP-MLA court on Tuesday sentenced former MP and m
