Govt eyes to sell 3.5% in HAL for Rs 2,867 crore

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MUMBAI: The central government is planning to divest 3.5% in Hindustan Aeronautics (HAL) later this week to mobilise at least Rs 2,867 crore. The government plans to sell nearly 1.2 crore shares of the aerospace & defense PSU at a floor price of Rs 2,450 per share, a discount of 6.7% to HAL’s Wednesday closing price on BSE.
The President of India, the promoter of the company, intends to sell 1.75% or about 58.5 lakh shares of HAL through the offer for sale route on March 23, for non-retail investors only and on March 24, for retail investors and non-retail investors at a price of Rs 2,450 per share, a company disclosure on the bourses said. In case there is oversubscription to the initial offer, the government will sell another 1.75% of the company, it said.
IDBI Capital Markets & Securities, SBICAP Securities and Yes Securities are the managers to the offer by the government, the term sheet for the OFS noted.
According to the company’s shareholder disclosure, on December 31, 2022, the government of India, the promoter of HAL, had a 75.2% stake in the company. The company was listed on March 28, 2018.



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