Bengaluru March 16 (IANS) State-run Hindustan Aeronautics Ltd s (HAL) initial public offering (IPO) opened on Friday with an aim to divest 10.2 per cent of its equity holding to raise about Rs 1 400 crore said an official.
"Our IPO is an offer-for-sale to divest the government s 10.2 per cent equity stake. The 5-day offer closes on March 20 " a company official told IANS here.
The defence behemoth is offering 3.41 crore equity shares of Rs 10 face value in the price band of Rs 1 215-1 240 per share. Retail investors are offered Rs 25 discount per share.
"Of the total offer 6.68 lakh shares are reserved for subscription by our employees " added the official.
The average cost of acquisition of equity shares by the aerospace firm is Rs 152 per share after the buyback in March 2016 and November 2017.
--IANS
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