Govt to sell up to 3.5 pc in HAL at floor price of Rs 2,450 a share through OFS
New Delhi, Mar 22: The government will sell up to 3.5 per cent stake in Hindustan Aeronautics Ltd (HAL) at a floor price of Rs 2,450 a share, if fully subscribed, would fetch about Rs 2,800 crore to the exchequer.
The two-day Offer For Sale (OFS) will open for institutional investors on Thursday and for retail buyers on Friday.
The OFS comprises of base issue size of 1.75 per cent or 58.51 lakh shares, with an option to retain over-subscription of an equal quantum.
"In the event the oversubscription option is exercised, the equity shares forming part of the base offer size and the oversubscription option will represent 3.50 per cent (1,17,03,563) equity shares of the company," HAL said in a regulatory filing.
At the floor price of Rs 2,450 apiece, the sale of 3.5 per cent stake would fetch about Rs 2,800 crore to the exchequer.
The floor price is at a discount of around 6.7 per cent over the closing share price of HAL on the BSE.
Shares of HAL closed 0.93 per cent down at Rs 2,625.20 each on the BSE.
The government currently holds 75.15 per cent in HAL, which is a Central Public Sector Enterprises (CPSE) under the Defence Ministry.
The proceeds from HAL OFS would add up to the government's disinvestment kitty for the current fiscal.
The government has so far mopped up Rs 31,106.64 crore from disinvestment and share buyback in CPSEs.
The government had last month pegged a lower revised estimates of disinvestment revenue estimates for the current fiscal at Rs 50,000 crore, against the budget target of Rs 65,000 crore.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Haryana land deal: Robert Vadra appears before ED on 3rd day
_vb_32.jpeg)
New Delhi (PTI): Robert Vadra, the businessman brother-in-law of Leader of Opposition in Lok Sabha Rahul Gandhi, appeared before the ED on the third straight day on Thursday for questioning in a money laundering case linked to alleged irregularities in a 2008 Haryana land deal case.
The 56-year-old has been questioned for over ten hours in the last two days as part of the investigation and the recording of his statement process under the Prevention of Money Laundering Act (PMLA) will continue Thursday, officials said.
He reached the ED office in central Delhi shortly after 11 am accompanied by his wife Priyanka Gandhi Vadra, who is MP from Wayanad.
Vadra had called the ED action borne out of "political vendetta" against him and his family, and said that while he has always cooperated with the agency and furnished thousands of pages of documents, he needed a "closure" in these cases which are almost 20 years old.
The probe against Vadra is linked to a land deal in Haryana's Manesar-Shikohpur (now sector 83) in Gurugram.
The deal of February 2008 was done by a company named Skylight Hospitality Pvt Ltd, where Vadra was a director earlier, as it purchased a 3.5 acre of land in Shikohpur from Onkareshwar Properties at a price of Rs 7.5 crore.
A Congress government led by Bhupinder Singh Hooda was in power at that time. Four years later, in September 2012, the company sold the land to realty major DLF for Rs 58 crore.
The land deal got embroiled in controversy in October 2012 after IAS officer Ashok Khemka, then posted as the director general of Land Consolidation and Land Records-cum-Inspector-General of Registration of Haryana, cancelled the mutation of this categorising the transaction as violative of state consolidation Act and some related procedures.
The BJP, which was in opposition then, had termed the case an instance of "corruption" in land deals and that of "nepotism", hinting at Vadra's kinship with the first family of the Congress party.
Haryana Police had filed an FIR to probe this deal in 2018.
Vadra has been questioned multiple times by the federal probe agency in two different money laundering cases earlier.
Sources told PTI that the ED will soon file chargesheets in all these three cases being investigated against Vadra.
