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
Apart from films, Amitabh Bachchan, the megastar of the century, is also in the limelight for his
Nayara Energy, one of the country’s largest private fuel retailers, hiked the prices of pet
The Karnataka government on Thursday justified the suspension of IPS officer Vikas Kumar in the H
The clouds of crisis have deepened over the film 'Ramayana', which is being made on the efforts s
Pakistan is completely upset due to the no-tolerance policy of the Modi government against terror
Mid-Cap Stocks Rally Again: Smart Opportunity or Rising Market Risk? Experts Explain
The Indian stock market is once again witnessing renewed enthusiasm in mid-cap stocks. After endu
Asus ROG Phone 7 series has been launched in India. This series includes the Asus ROG Phone 7 and
If you also happen to be a Delhi resident, book your seats for the thrilling encounter between De
Gujarat's Surat district court has sentenced former Congress president Rahul Gandhi in a four-yea
UP Police Recruitment 2023: Good news for women, bumper recruitment in UP Police; Read new update
There is going to be a tremendous increase in women's power in Uttar Pradesh Police next year. Ab
