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
Are you also experiencing trouble using Instagram? If so, let us tell you that Meta's Instagram i
There is good news for consumers before the festivals. Finance Minister Nirmala Sitharaman has cl
The audience is eagerly waiting for the next film of the blockbuster film 'KGFA 2' fame actor Yas
Delhi NCR Flood: Yamuna ravages in capital, water reaches civil lines and Delhi secretariat
Due to the continuous release of water from Haryana's Hathni Kund Barrage, the Yamuna River in De
Director Imtiaz Ali's film 'Chamkila' was released on Netflix on April 12. After the release of t
Bomb Threat: Threat to bomb three schools and one college in Delhi, fire brigade and police team present on the spot
Once again, schools and colleges in Delhi have received bomb threats. Earlier too, many schools in D
Faults have been found in the electricity meter installed by SP MP Ziaur Rahman Bark and former M
75 percent attendance is mandatory for board examinees in Central Board of Secondary Education (C
RCB vs LSG Playing 11: Will Rahul enter as an impact player again? Topley may get a place in RCB
Lucknow Supergiants' regular captain KL Rahul took the field as an impact player in the last matc
A day before the digital release of 'Amar Singh Chamkila', its makers organized a special screeni
