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
The picture of corona vaccine and vaccination in India is different from Britain.
West Bengal Panchayat Results 2023: Mamta's big victory, but who will get an edge in 2024?
The ruling Trinamool Congress has won a major victory in the West Bengal Panchayat Election Resul
There is an election atmosphere in the country. Congress is busy saving its crumbling forts in di
NEET UG 2024: Registration for the NEET UG exam resumes, know the last date to apply here
The National Testing Agency (NTA) has reopened the National Eligibility-cum-Entrance Test (NEET U
The golden journey of the Indian team continues in the World Cup 2023. The Rohit Sharma-led India
Modi 3.0 government focuses on farmers and infrastructure, read how the track record of 100 days was
Modi 3.0 government's 100 days are being completed on 17 September on Prime Minister Narendra Mod
IPL 2026 Controversy: Mumbai Indians Accused of Misusing Concussion Rule; Coach Issues Clarification
Five-time IPL champions Mumbai Indians have found themselves embroiled in controversy amidst the
Eid-ul-Adha 2023: When will Bakrid be celebrated in India? Know-History and Religious Significance
Eid-ul-Adha 2023: Bakrid festival has special significance in the religion of Islam. Bakrid is ce
Poacher Trailer Out: The investigative crime thriller series Poacher, directed by Emmy Award winn
Ranveer Singh's film 'Dhurandhar' is currently doing wonders at the box office. Even after severa
