
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
Budget Session 2024: The budget session of Parliament is starting from today. The budget session
Veteran actor Dharmendra is admitted to Breach Candy Hospital in Mumbai. Numerous reports have be
Canadian Prime Minister Justin Trudeau has announced his resignation from his post. Not only in C
In the recent series between India and England, captain Shubman Gill looked in great form. He sco
Australia's experienced opener David Warner has been appointed as the captain of Delhi Capitals f
South superstar Prabhas's film 'Kalki 2898 AD' is one of the most awaited films of this year. Tel
Time 2 pm. Everywhere in Pikaura village of Mankapur, there was a discussion about the train acci
Amid the ongoing controversy over the derogatory comments made by Maldivian ministers on Prime Mi
In Maha Kumbh, devotees are also fulfilling the pledge of cleanliness. From 13 to 31 January, 31.
Israeli Prime Minister Benjamin Netanyahu issued a statement not allowing those who support terro