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
BJP-Congress Clashed: During the election battle in Karnataka, BJP and Congress leaders have star
The US State Department said in a statement on Wednesday that the US is supportive of starting a
Har Ghar Tiranga: Upload a selfie with tricolor here, PM Modi urged, know-how
The country is going to celebrate its 77th Independence Day on the 15th of August. All preparatio
Group Captain Shubhanshu Shukla, born in Lucknow, Uttar Pradesh, left for space aboard the SpaceX
National Film Awards 2023: The 69th National Film Awards was organized on 17th October at Vigyan
Ponniyin Selvan 2 Trailer: PS 2 trailer launch in presence of Aishwarya Rai and Mani Ratnam
Ponniyin Selvan 2 Trailer: The trailer of Aishwarya Rai Bachchan's much-awaited film PS2 has been
The journey is beautiful, let's not talk about the destination for the time being, similarly, the
It's been over a month since Bigg Boss Season 19 aired, and the masks of some contestants are sti
Kunal Kamra Row: Now Kunal Kamra reached the Bombay High Court, and pleaded to cancel the FIR
The case of stand-up comedian Kunal Kamra making objectionable remarks is gaining momentum. The p
Actor Vijay Sethupathi is in the news these days for 'Merry Christmas'. Meanwhile, he has also st
