SOURCE : TNN
The government-funded aerospace and defence company, Hindustan Aeronautics Limited is set to make a debut at the domestic stock exchanges on March 28, today. The final issue price of the company is fixed at Rs 1,240 per share.
The complete Rs 4,229-crore worth Initial Public Offer (IPO) of the state-owned HAL was subscribed 99 per cent during March 16-20, 2018, supported by Qualified Institutional Buyers (QIB). The section reserved for the QIBs was oversubscribed to 1.73 times while the retail investors were subscribed 39 per cent and the non-institutional investors’ reserved portion was subscribed 3 per cent.
It was an offer for sale by the Government of India and the IPO price band was fixed to be at Rs 1,215-1,240 per share. The book running lead managers to the issue are Axis Capital and SBI Capital Markets.
With its headquarters in Bangalore, Hindustan Aeronautics Limited (HAL) is a state-owned aerospace and defence company of India. The aeronautics giant comes under the management of the Indian Ministry of Defence.