
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
Whenever opening batsman Abhishek Sharma’s bat fires, it spells trouble for the bowlers and
After 22 years, Sunny Deol has once again returned to the big screen as 'Tara Singh'. His movie '
Bigg Boss 17 is over, but the contestants of the show remain in the limelight. There was tension
Cricketer Yuzvendra Chahal and Dhanashree Verma's married life has soured. Both are parting ways.
Protests continue in Rajasthan, Haryana, Gujarat, and the national capital, Delhi, over the Arava
The first team of the Special Security Force (SSF) has reached Ayodhya for the security of Shri R
Lunar Eclipse 2023: The first lunar eclipse of the year 2023 is falling on 5 May. This shadow wil
Passengers are angry over the last-minute cancellation of Air India Express flights. On Wednesday
'Cricket's victory...' Rajeev Shukla praised the ICC for the IND vs PAK match.
Pakistan has agreed to play India in Colombo on February 15th in the T20 World Cup, but the offic
Salman Khan is known for his daring style. Meanwhile, the superstar has taken a big step, knowing