BENGALURU: Hindustan Aeronautics (HAL) has made progress on disinvestment activity of the company based on the government approval of 10% of the shareholding in 2013, the aviation firm’s Chairman and Managing Director T Suvarna Raju said.
At the Aero India 2017, he said progress has been made on identification of Book Running Lead Managers and preparation of draft red herring prospectus. Necessary documents are in place, he added.
“…10% of the equity capital that is 3.615 crore of equity at the face value of Rs 10 would be considered for the IPO, the valuation will be done by the BRLMS and the other financial experts. We are awaiting the valuations from them,” Raju said.
He said the option of buyback of 25% of share capital and reserves of the company has been executed through which the company has contributed over Rs 5,000 crore to the government exchequer.