HAL’s offer for sale of shares gets good response

New Delhi, (IANS) | The government on Thursday said the offer for sale (OFS) of its shares in Hindustan Aeronautics Ltd (HAL) has received a good response as the issue was subscribed 4.5 times of its base size on the first day.

Department of Investment and Public Asset Management (DIPAM) said in a tweet, “Offer for Sale of Government Shares in HAL receives stupendous response on Day 1. Subscribed 4.5 times of base size by non-retail investors at clearing price above floor price.” Done. Government has decided to exercise the green shoe option. Retail investors will get a chance to bid tomorrow.”

The Center plans to sell up to 3.5 per cent stake in HAL through OFS.

The stake sale is valued at Rs 2,867 crore and the government has set a floor price of Rs 2,450, which is a 6.6 per cent discount to its current share price.

In 2020, the government had sold its 15 per cent equity stake in HAL at Rs 1,001 per share to raise around Rs 5,000 crore through OFS.

–IANS