23 Mar , 2023 By : Monika Singh
Hindustan Aeronautics Ltd (HAL) shares tanked 5.5% to Rs 2480.05 on Thursday after the Central Government announced the disinvestment of up to 3.5% stake in Hindustan Aeronautics (HAL) to raise Rs 2,867 crore. The floor price has been set at Rs 2450, a discount of just over 1% from the current price. The offer for sale (OFS) issue will be open from Thursday-Friday. The OFS constitutes a base offer size of 1.75% (5.85 million) of equity shares of the face value of Rs 10 each of the company with an option to additionally sell 1.75%, taking the total offer size to 3.5%, according to the company’s notice to the BSE. Currently, the government owns 75.15% of Hindustan Aeronautics Ltd.
Only non-retail investors are permitted to place their bids on Thursday. Retail investors as well as non-retail investors, who choose to carry forward their unallotted bids, could place their bids on Friday. HAL’s net profit rose 57% on year to Rs 5,087 crore in FY22. It reported a 23% on-year increase in net profit at Rs 1,154 crore in the December quarter of FY23.
HAL shares have fallen 8.5% in the past one week while they have risen over 77% in the last one year. The stock touched a 52-week high of Rs 2,915 on 13 March 2023 and a 52-week low of Rs 1,381.90 on 28 March 2022. Today the shares touched an intraday low of Rs 2475 and a high of Rs 2497. At the current price of Rs 2492.60, the company’s market capitalisation stands at Rs 83,349.43 crore. Meanwhile, benchmark equity indices NSE Nifty and BSE Sensex fell over half a percent on Thursday.