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Offer for sale of HAL's shares gets good response
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IANS | 23 Mar, 2023
Government on Thursday said the offer for sale (OFS) of its shares in
Hindustan Aeronautics Limited (HAL) has got a good response, as on the
first day, the issue got subscribed 4.5 times of its base size.
A
tweet by the department of investment and public asset management
(DIPAM), said, "Offer for Sale of Govt shares in HAL got great response
on day one. Issue subscribed 4.5 times of base size at a clearing price
above the floor price by non-retail investors. Govt has decided to
exercise the green shoe option. Retail investors get chance to bid
tomorrow."
Centre plans to sell up to 3.5 per cent stake in HAL via OFS route.
The
stake sale is valued at Rs 2,867 crore, and the government has set a
floor price of Rs 2,450 apiece, which is at a 6.6 per cent discount from
its current share price.
According to a regulatory filing by HAL
on Wednesday, the government has proposed to sell 1.75 per cent of its
equity shares of the face value of Rs 10 each on March 23 and March 24
for non-retail investors and an additional 1.75 percent stake "in event
the oversubscription option is exercised."
In 2020, government had sold 15 per cent of its equity stake in HAL at Rs 1,001 per share to raise about Rs 5,000 crore via OFS.
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