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.
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Archery WC: India win compound men, women team gold
Shanghai (PTI): India men's and women's compound teams dished out dominant displays to win gold medals at the ongoing Archery World Cup Stage 1 in Shanghai here on Saturday.
India's Jyothi Surekha Vennam, Aditi Swami and Parneet Kaur dropped just four points to trounce Italy 236-225 in the women's compound team event to open their account with a gold in the season-opening global showpiece.
The men's team of Abhishek Verma, Priyansh and Prathamesh Fuge went one step better as they missed just two points en route to defeating Netherlands' Mike Schloesser, Sil Pater and Stef Willems 238-231.
The women's team, who qualified as top seed, dropped just four points from 24 arrows to down sixth seeded Italy.
In the first three ends of six arrows each, Jyothi, Aditi and Parneet missed the perfect 10 only twice to take a handsome 178-171 lead over Marcella Tonioli, Irene Franchini and Elisa Roner.
In the fourth end, the Indians dropped two points but it did not matter much as they nailed the gold with an 11-point margin.
The men's team, who qualified as the fourth seed, put up a near flawless show to defeat their Dutch opponents.
They began with a perfect round of 60 and dropped just two points in the next two ends, before sealing the rout with another perfect 60 in the final set of six arrows.
