HomeBUSINESSModi government proposes to sell up to 3.5% stake in state-owned HAL...

Modi government proposes to sell up to 3.5% stake in state-owned HAL through ‘offer for sale’

The government will sell up to 3.5 percent stake in state-run Hindustan Aeronautics Limited (HAL) through an offer for sale (OFS) at a minimum price of Rs 2,450 per share to support its disinvestment target in the company. current fiscal.

At a floor price that is lower than Wednesday’s share price of Rs 2,625.20 per share on BSE, the stake sale will be valued at around Rs 2,867 crore.

For this year (2022-23), the government has so far cleared Rs 31,106.64 crore by selling its stake in various PSUs against a disinvestment target of Rs 50,000 crore. The government had earlier set a disinvestment target for the current fiscal at Rs 65,000 crore, which was later revised downwards to Rs 50,000 crore.

“The government proposes to sell up to 1.75% (58,51,782) shares of the company of face value of Rs 10 per company on March 23 (for non-retail investors only) and March 24 (for retail investors and other -retail investors, who elect to convert their unallocated tenders with an option to sell 1.75% (58,51,781) shares additionally,” the state-owned defense contractor said in an exchange filing.

“The offer is made by the Seller, inter alia, to achieve the minimum public shareholding of the Company as prescribed…,” the filing added.

Currently, according to available BSE data, the government owns 75.15 percent of the company’s shares, while 24.85 percent is held by the public. Current norms require public shareholders to hold a minimum of 25 percent stake in a listed entity. However, PSUs are exempted from this rule.

In 2020, the government announced the sale of up to 15 percent of its equity stake in HAL at 1,001 rupees per share to raise around 5,000 crore rupees through the sale offer.

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