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
Ranveer Allahbadia, Samay Raina and YouTube show India's Got Latent are the most discussed topics
'What was the need to blame India', Canadian national security expert questions his PM
Amidst the bitterness in India-Canada relations, a big confession from Canada's PM Justin Trudeau
The web series Mirzapur is the offering of Indian cinema, which fans are very eager to see. In th
Jonny Bairstow Controversial Run Out MS Dhoni Ian Bell Video Gets Viral England's fortunes did no
PM Modi will be visiting Gujarat on September 20th. This will be a one-day visit. On Saturday, PM
The Waqf Amendment Bill was passed in the Lok Sabha amid opposition from opposition parties. Toda
Yash Raj Films' new film 'Tiger 3', according to the initial trends on the second day of its rele
A saree woven with gold thread is being prepared in Ramnagar for Reliance Foundation's chairman N
Vikrant Massey is currently in the news for his film 'The Sabarmati Report'. But, recently, peopl
ISKCON: Amogh Leela Das made derogatory remarks about Swami Vivekananda, ISKCON banned
The International Society for Krishna Consciousness (ISKCON) on Tuesday decided to ban ISKCON pri
