The shares of defence PSU Hindustan Aeronautical Limited is declining in Thursday's trade after the government plan to offload part of its stake through an `offer for sale' route.
As on date, the government holds 89.97 per cent shares in HAL. Initially, the plan was to divest 15 per cent holding. Based on Wednesday's closing price of on BSE, this could give over ₹6,300 crore.
However, there is a buzz in the market that only 5 per cent to be offered under OFS, which means the government could get over ₹2,100 crore based on the current price. Fifteen per cent stake sale will also help the company to achieve Minimum Public Shareholding norms of 75 per cent, but considering current market situation, 5 per cent could be a better idea.
Shares fell as much as 11.6 per cent to trade at ₹1,041.