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
Prime Minister Narendra Modi on Monday attended a Christmas event organized by the Catholic
The results of the Lok Sabha elections in 2024 are going to come today. Along with this, the resu
A petition has been filed in the Supreme Court challenging the order to put QR codes on the eater
Israel has opened a front against Hizbullah in Lebanon. The IDF has caused heavy havoc in Lebanon
Deepika Padukone loses the sequel of the 1000 crore earning film, the makers announced it.
After giving birth to her daughter, Dua, Deepika Padukone has been away from the acting world. Up
The Prime Minister of the country, Narendra Modi, will celebrate his 75th birthday today, i.e., o
Timing for bursting crackers on Diwali in Mumbai is fixed, know the BMC guidelines.
The increasing pollution in Mumbai has also become a matter of concern amidst the festival of Diw
Ind vs Pak: Setback for PCB, ICC rejects demand to remove match referee; What will Pakistan do now?
The ICC has formally rejected the demand of the Pakistan Cricket Board (PCB) regarding the 'no ha
An anti-encroachment drive near the Faiz-e-Ilahi mosque in Delhi's Turkman Gate area turned viole
Abhishek Agarwal is currently working on big films like APJ Abdul Kalam's biopic and G2 (Godhacha
