Hindustan Aeronautics (HAL) fell 5.15% to Rs 2489.95 after the offer for sale (OFS) opened for non-retail investors today, 23 March 2023.
Through the OFS, the Government of India proposes to sell up to 58,51,782 equity shares (representing 1.75% stake), with an option to sell an additional 1.75% stake or 58,51,781 equity shares in case of oversubscription.The floor price for the sale has been set at Rs 2,450, a 6.67% discount to the stock's closing price of Rs 2625.20 on Wednesday, 22 March 2023.
The total OFS size (base size + green shoe) stands at 1,17,03,563 shares, representing 3.5% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 2867.37 crore.
The Government of India held 75.15% stake in HAL as of 31 December 2022.
The OFS opened on Thursday (23 March 2023) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (24 March 2023).
As on 12:35 IST, the OFS received subscription for 9,18,370 shares. It was subscribed 17.44% on the base non-retail offer size of 52,66,603 shares and 8.72% on the total non-retail offer size (base size + green shoe) of 1,05,33,205 shares.
Also Read
HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. As of 31 December 2022, the Government of India held 75.15% stake in the company.
The company reported 23.8% rise in consolidated net profit to Rs 1,155.19 crore in Q3 FY23 as compared to Rs 933.40 crore posted in Q3 FY22. Revenue from operations was at Rs 5,665.54 crore in Q3 FY23, down 3.9% from Rs 5,893.82 crore recorded in the same period a year ago.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content