HAL stock up by more than 3%

24 Mar 2023 , 11:54 AM

Hindustan Aeronautics Limited’s shares are trading with over 3% gains in Friday’s early morning session as OFS was subscribed 4.5 times on day 1.

On Thursday, data from the NSE revealed that the Indian government’s offer to sell a portion of its stake in Hindustan Aeronautics Ltd (HAL) was oversubscribed 4.5 times owing to strong demand from non-retail investors.

The number of bids received for the sale of shares was 237,600, whereas the number of shares on offer was 526,000. The bidding price was indicative of Rs 2,468.98, surpassing the floor price of Rs 2,450 per share.

To meet the overwhelming demand, the government has decided to exercise its green shoe option and acquire an extra 58.5 lakh shares, making the total offer size reach 117,000 shares. The shares will be available for bidding by retail investors starting from Friday.

The government held 75.15% of Hindustan Aeronautics as of December 31, 2022. The company’s current market capitalization is Rs 83,475 crore.

At around 11.47 AM, Hindustan Aeronautics was trading 3.58% higher at Rs2,585.70, against the previous close of Rs2,496.35 on NSE. The counter touched an intraday high and low of Rs2,603.95 and Rs2,520 respectively.

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