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    HAL Falls 5% From Issue Price in Market Debut


    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.

    70% of HAL IPO shares were bought by LIC

    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.

    Read more about: hal ipo
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