
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
Shubman Gill wreaked havoc with the bat in England, breaking Rahul Dravid's 23-year-old record.
Indian Test captain Shubman Gill made a historic record on English soil on 13 July. He broke the
Congress MP Shashi Tharoor has made important remarks on the lynching of a Hindu youth in Banglad
Between April and June, many blockbuster Hollywood films are going to appear on OTT platforms. Ma
Habitat Studio has decided on Monday that it is closing its studio for the time being. This is th
Prime Minister Narendra Modi said at a public rally in Muzaffarpur that the large turnout indicat
Continuous rains continue to wreak havoc in many cities of Maharashtra. The situation has gone fr
From November 2020 to January 2021, the accused kept raping the girl by threatening her. Then she
Ever since Allu Arjun's Pushpa The Rise, people have been eagerly waiting for its sequel. The nam
The Central Water Commission on Friday said that 22 river monitoring stations across the country,
Light rain may occur in many states of North India on Friday and Saturday. The weather pattern ch