Hindustan Aeronautics' Rs 42-bn IPO open for subscription from March 16

State-owned Hindustan Aeronautics' Rs 42-billion initial public offering (IPO) will remain open for subscription between March 16 and March 20.

The offering will entirely be an offer for sale (OFS) by the government as part of its 2017-18 disinvestment programme.

The government is diluting 10.2 per cent of its stake in the Bangalore-based aerospace and defence company through the IPO.

The price band for the IPO is Rs 1,215 to Rs 1,240 per share. The centre is offering a discount of Rs 25 per share to retail investors.

Hindustan Aeronautics' IPO will follow that of Bharat Dynamics, in which the centre is diluting 12 per cent stake to raise around Rs 9.6 billion.