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Govt to sell 10% stake in HAL via Rs 4,230-cr public offer

| | Mumbai

As part of the divestment process, government will divest 10 per cent of its stake in the public sector chopper-maker Hindustan Aeronautics, which on Tuesday launched a Rs 4,230-crore initial public offer.

As part of the IPO that hits the market on March 16, the Maharatna company will also sell 10.20 per cent of its equity through and offer-for-sale route. The firm, which gets over 91 per cent of its sales from the defence sector including the Coast Guard, has fixed a price band at Rs 1,215-1,240 per equity share for the offer that will hit the market on March 16 and close on March 20.

The sale is part of the government’s Rs 75,000-crore divestment process, which for the first time in many years, has already crossed the target.

The proceeds from the stake dilution is important as government badly needs to meet the 3.5 per cent fiscal deficit target set for the year.            

 
 
 
 
 

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