Govt proposes to sell up to 3.5% stake in HAL to raise over ₹2,867 cr
India will be selling up to 3.5% stake in its aerospace and defence company, Hindustan Aeronautics (HAL) through an offer for sale (OFS). The offer will open on March 23 and will continue till March 24th. The 3.5% stake sale comprised 1.75% as the base offer and 1.75% as an additional option. The government seeks to raise more than ₹ 2,867 crore through this transaction. As per the regulatory filing, the Indian government proposes to sell up to 58,51,782 equity shares or 1.75% as a base offer through OFS in HAL . The face value of equity shares is ₹ 10 each of the company. Further, the Centre has the oversubscription option to sell another 1.75% or 58,51,781 equity shares in HAL. Taking into consideration the base size and oversubscription option, the Centre plans to offload 11,703,563 equity shares or 3.5% in HAL. The floor price of the OFS is set at ₹ 2,450 per equity share --- which is at a 6.67% discount from the current market price of HAL...