The retail portion of the OFS also received an overwhelming response, with the government getting bids for 14,50,924 shares against 11,70,357 shares on offer for the category.
The clearing price for the retail category was set at Rs 2,472 a share. The floor price of the issue was Rs 2,450 per equity share.
“The second day of HAL OFS closed with good interest from retail investors and 1.23 times subscription. With this, HAL is now MPS compliant,” DIPAM Secretary Tuhin Kanta Pandey said in a tweet.
The non-retail portion of HAL OFS, which opened on Thursday, was subscribed 4.5 times. Following the strong response from institutional investors, the Ministry of Finance decided to exercise the green shoe option.
The OFS comprised of base issue size of 1.75% or 58.51 lakh shares, with an option to retain over-subscription of an equal quantum.
The government on Wednesday, proposed to sell up to a 3.5% in HAL at a floor price of Rs 2,450 a share, if fully subscribed, the OFS would fetch about Rs 2,800 crore to the exchequer.The government currently holds 75.15% of HAL, which is a Central Public Sector Enterprise (CPSE) under the Defence Ministry.
The proceeds from HAL OFS would add up to the government’s disinvestment kitty for the current fiscal, the PTI report said.
Excluding HAL OFS, the government has so far mopped up Rs 31,106.64 crore from disinvestment and share buyback in CPSEs, the report further claimed.
The government had last month pegged lower revised estimates of disinvestment revenue estimates for the current fiscal at Rs 50,000 crore, against the budget target of Rs 65,000 crore, this PTI report further added.
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