Shares of Hindustan Aeronautics Limited (HAL) slipped nearly 13 percent to Rs 1,025.05 on Thursday after reports of government's plan to sell 15 percent stake in the company via offer for sale (OFS).
HAL said in a stock exchange filing that the government has proposed to 3.34 crore shares in the company, representing 10 percent paid-up share capital of the company (base offer size), with an option to sell an additional 5 percent stake or 1.67 crore equity shares in the event of oversubscription.
Currently, the government holds an 89.97 percent stake in HAL.
The stake sale will take place on a separate window of the stock exchanges on 27 and 28 August 2020. Non-retail investors can place their bids only on 27 August, while retail investors can do so only on 28 August. The floor price for the offer has been fixed at Rs 1,001 per equity share.