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
IPL 2023. The excitement for the 16th season of the Indian Premier League is increasing with each
Vivo T5 5G Launch: 7,050mAh Battery, 144Hz Curved Display; Price Starts at ₹34,999
Vivo has officially launched the Vivo T5 5G in India, adding a new performance-focused smartphone
'Operation Sindoor is going on...', Rajnath Singh reveals; 100 terrorists killed in India's action.
Defence Minister Rajnath Singh said in the all-party meeting that at least 100 terrorists were ki
What hasn't happened in 77 years is now about to happen. This year, Indian cinema is going to mak
Chor Nikal Ke Bhaga Film Review In Hindi on Netflix: The theme of heist and hijacking in cinema h
Yesterday on Thursday, actress Aarti Singh married Deepak Chauhan with full r
The responsibility of the world's largest party, the BJP, now rests on the shoulders of Nitin Nab
Today can be a decisive day for the candidates who appeared in LIC ADO Prelims. The results of th
Gold and silver prices moved higher on July 27, with both precious metals witnessing fresh gains
Bollywood's well-known actress Ameesha Patel is in constant discussion about her upcoming film 'G
