In an exchange filing on Wednesday, aerospace and defense company Hindustan Aeronautics Limited informed that the Government of India is planning to sell its 3.5 per cent stake in the company.
This is the second news in a week that the government is going to reduce its stake in the government company. After all, what is the helplessness, due to which the government has to reduce its stake in the companies. This time, the government company Hindustan Aeronautics Limited, giving information to the stock market, has said that the government Offer For Sale Through this, it is going to reduce its three and a half percent stake. Let us also tell you what HAL has said?
Plan to raise Rs 2,867 crore
In an exchange filing on Wednesday, aerospace and defense company Hindustan Aeronautics Limited informed that the Government of India is planning to sell its 3.5 per cent stake in the company. The stake sale will be valued at Rs 2,867 crore ($347.05 million), based on a floor price of Rs 2,450.
Read also: 70 percent of the world’s billionaires did not inherit wealth, became wealthy on their own
After all, what is compulsion?
As per the shareholding pattern, the government holds 75.15 per cent stake in the state-run aerospace and defense company. The current market cap of the company is Rs 87,800 crore. The company said that the offer for sale is being made to acquire the minimum public shareholding of the company as per the listed obligations of the Securities and Exchange Board of India.
Read also: Gold became cheaper by Rs 2,000 in 48 hours, will gold cross Rs 61,000?
fall in stocks
If we talk about the shares of HAL, then they closed with a fall of about one percent. According to the data, on Wednesday, the shares of Hindustan Aeronautics Limited declined by Rs 24.70 and closed at Rs 2,625.20. According to the data, today the company’s stock opened at Rs 2,655.05, which closed at Rs 2616.30 during the trading session. A day ago, the company’s stock had closed at Rs 2649.90.
Read also: Thousands of people lost their jobs in India, the numbers of retrenchment will blow the fuse of your mind.
IPO of this government company is also coming
Recently, the Union Cabinet has approved the IPO of the government company IREDA. The government has a stake in IREDA, a company that finances renewable energy and energy efficiency projects. DIPAM will help in taking this listing process forward. Will enter the capital market in the next financial year i.e. 2023-24. IREDA is currently a Mini-Ratna category company wholly owned by the Government of India, which was incorporated in 1987.