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Modi Govt to Sell 15% Stake in HAL

Modi government to sell 15% of its stake in HAL

At a time when talks of Atmanirbhar Bharat continues, Modi government has plans to sell up to 15% of its stake in the state owned HAL. As per the exchange filings, as many as 3.34 crore shares of Hindustan Aeronautics Ltd will be sold through an offer for sale by the government, which amounts to 10% of its stake.

The floor price for the sale has been fixed as Rs, 1,0001 a piece, which is about 15% less than its current market price. Also, if the offer gets oversubscribed, the government’s stake in HAL will fall from 89.97% to 74.47%.

The offer has come at a time when the government is talking to ramp up local defence companies for its capacities on indigenous fighter jets.

Currently HAL has an orderbook of Rs 53,000 crore and anticipates new orders for 83 light combat aircraft and 15 light-combat helicopters in near terms.

At a time when Nifty 500 Index has fallen 3%, HAL shares have risen nearly 61% so far in this year.

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