Govt to sell up to 3.5 pc in HAL at floor price of Rs 2,450 a share through OFS

Vartha Bharati | 22-03-2023 | 20:27:00 IST

PC: @HALHQBLR | Twitter

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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CM Siddaramaiah directs officials to remove ineligible BPL ration card holders

09-01-2025 ¦ 09-01-2025 IST

Karnataka Chief Minister Siddaramaiah

Bengaluru, Jan 9: Karnataka Chief Minister Siddaramaiah on Thursday said the ineligible BPL ration card holders who do not meet the criteria set by the central government should be identified and removed in a phased manner.

He, however, told the officials during a review meeting of Food, Civil Supplies and Consumer Affairs department that the card of a single eligible BPL cardholder should not be cancelled.

Ineligible BPL ration cardholders should be given time to voluntarily return their BPL cards, after which action should be taken to cancel the cards by giving notice to them, the Chief Minister was quoted as saying in a statement issued by his office.

Nearly 4,000 government employees have already been removed from the list, the statement said.

It said that there are 1,53,69,945 ration cards in the state, with 5,30,88,636 member beneficiaries.

It further said that Rs 4,692 crore grant has been released under the Annabhagya scheme direct cash transfer, and Rs 3,253 crore has been spent till the end of October. Over, 4.44 crore beneficiaries are benefiting from the scheme, which is one of the five pre-poll guarantees of the Congress government.

Siddaramaiah also reviewed the status of petrol pumps in the state.

The Chief Minister’s office said there are a total of 4,518 petrol pumps in the state, and 503 petrol stations have been inspected till the end of December.

Siddaramaiah directed the officials that the inspection of petrol pumps should be increased and irregularities like fraud in measurement and quality should be completely curbed.

The CM also asked the officials to make arrangements to procure food grains at the minimum support price and steps should be taken to complete all the processes quickly so that farmers do not face any problems.

Under the One Nation One Ration Card scheme, 13,383 beneficiaries from other states are getting ration facilities in Karnataka.

Under the Anna-Suvidha Yojana, food grains are provided at the doorstep of single-person households above 80 years of age and 8,500 ration card holders are benefiting under the scheme, the statement said.

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