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Hindustan Aeronautics files IPO paper with SEBI

3 October 2017 (12:45PM)

State-owned Hindustan Aeronautics Ltd (HAL) has initiated the process of Initial Public Offer (IPO) with the filing of the Draft Red Herring Prospectus (DRHP) with market regulator, Securities Exchange and Board of India (SEBI), said a press release issued by HAL.

 

State-owned Hindustan Aeronautics Ltd (HAL) has initiated the process of Initial Public Offer (IPO) with the filing of the Draft Red Herring Prospectus (DRHP) with market regulator, Securities Exchange and Board of India (SEBI), said a press release issued by HAL.
 
HAL has initiated the process of IPO by filing of a DRHP with SEBI on September 29, as per the release.
 
The company’s management is expecting the listing to be a major milestone. The listing of the defence PSU is slated for partial disinvestment by the government of India. The Union government had in 2012 approved the sale of a 10% stake in HAL. 
  
 In 2013, the company had appointed four merchant bankers, SBI Cap, Goldman Sachs, Barclays and Axis Capital for managing the stake sale.

 A top company official during the Aero India in February had said that 3.615 crore equity shares at a face value of Rs 10 would be considered for the IPO, the valuation of which would be done by the Book Running Lead Managers (BRLMS) and the other financial experts.
 
During FY16 12.05 crore shares were offered for the buyback, amounting to Rs 5,265 crore.

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