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
Team India, which recently faced defeat against Australia in the final of the ODI World Cup, will
Team India may have won the first match in the ODI World Cup 2023, but the problems of the Indian
There was a ruckus in the procession taken out after the victory of Team India in the Champions T
Uttar Pradesh Chief Minister Yogi Adityanath, while talking to news agency PTI, spoke openly on e
Becoming a symbol of India's diplomatic and military strength, Prime Minister Narendra Modi is on
Hollywood actor Robert De Niro has recently become the father of the seventh child. The actor him
Former actress and influencer Harsha Richharriya, who was a follower of Western culture two years
President Draupadi Murmu will address the nation on Thursday ahead of the 79th Independence Day.
The Indian team, which was undefeated so far in the World Cup, got two days' rest after the match
Gadar 3: Director reconciles with 'Sakina', is Sunny Deol's Gadar 3 back on track?
After a long wait of 22 years, Sunny Deol made a comeback with Gadar 2 in 2023. His film proved t
