Latest News
-
Bajaj Group Stock Declares Rs. 60/Share Dividend: Buy Ahead of Record Date On 28 June? -
Rs 45/Share Dividend: Record Date In Due Course; Buy The IT Stock For Dividend Eligiblity? -
175% Dividend: TATA Group Stock Declares Q4 Results; Buy The Rekha Jhunjhunwala Portfolio Stock? -
2:15 Bonus: Tata Group's Penny Stock Below Rs 90, Gives 2,821% Returns In 5 Years: Announces Q4 Report Card -
Rs. 240/Share Dividend: May 7 Fixed As Record Date; Buy The IT Stock To Be Eligible? -
1:5 & 1:2 Split, Rs 6/Sh Dividend: Fertilizer Stock Coming Up With 600% Payout; Record, Payment Dates Fixed -
Cube Highways Trust Set to Acquire Seven Highway Assets Worth Rs 5,172 Crore -
1:10 Split, Rs 51 Dividend: Accumulate Tata Stock, TP Rs 170; Big Update On £1.25 Bn Investment -
Tech Mahindra Sets Three-Year Plan for Robust Growth and Market Leadership by FY27 -
Tech Mahindra Q4 Net Profit Falls 41%, Announces Growth Strategy
HAL Falls 5% From Issue Price in Market Debut
According to disclosures submitted to the stock exchange, 2.34 crore shares were allotted to the government-owned insurer for Rs 2,844 crore. That makes up for 70% of the IPO size.
The defence firm Hindustan Aeronautics (HAL) made its debut today on NSE and BSE. The scrip got listed at Rs 1,169 on BSE which is a 3.8% discount on the issue price and Rs 1,152 on NSE, down by 5.19%.
In the company's IPO conducted last week, it failed to get completely subscribed. Although aimed to raise Rs 4,200 crore, it managed to raise only Rs 4,088 crores in its three-day offering.
LIC Comes to the Rescue
The Life Insurance Corporation (LIC) has bought over two-thirds of the shares in HAL's initial public offering after remaining unsubscribed to a large extent on the third day due to a mute in demand from non-institutional and retail investors.
According to disclosures submitted to the stock exchange, 2.34 crore shares were allotted to the government-owned insurer for Rs 2,844 crore. That makes up for 70% of the IPO size.
HAL is India's largest state-owned defence firm. It is in the business of manufacturing aircraft, helicopters and aero engines including its development and repairs. The Indian Army is its biggest client.
