
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
Citadel Review: Priyanka Richard's series 'Citadel' received mixed reactions, taunts with praise
Two episodes of Priyanka Chopra's most awaited web series 'Citadel' are streaming on the OTT plat
Sardaar ji 3 Collection: Hania-Diljit's film rocks the box office, earns so much in two days
On June 27, Diljit Dosanjh returned to theaters with the third installment of his hit franchise S
In the 45th match of IPL 2023, Lucknow Super Giants are clashing with Chennai Super Kings. CSK ha
Amid growing tensions between India and Pakistan, Balochistan's independence has been declared. B
Foxconn: Congress taunts BJP on Foxconn's decision, said- should not trust the headlines created
The Congress targeted the BJP after Foxconn decided to exit. Congress said that whether it is the
The Adani Group has completely rejected the allegations against well-known businessman and billio
Today is the anniversary of the terrorist attack on Parliament. On this occasion, the country is
In West Bengal, CM Suvendu approved the 'Annapurna Bhandar Scheme' for women, along with a free b
Punjab Kings and Royal Challengers Bangalore (RCB) teams would like to maintain the momentum of t
Chaitra Navratri 2023 Day 8, Mata Mahagauri Puja: On the eighth day of Chaitra Navratri, there is