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India

Government plans to sell stake in HAL and BDL through OFS in Q2FY21

Updated : August 26, 2020 08:45 PM IST

The Narendra Modi government is planning to sell up to 15 percent stake in Hindustan Aeronautics Ltd (HAL) and 15-18 percent in Bharat Dynamics Ltd (BDL) through an offer for sale (OFS) in the second quarter of this fiscal, sources privy to the developments told CNBC-TV18.

According to multiple people familiar with the development, the government is looking to raise Rs 3,000 crore from HAL and Rs 600-700 crore from BDL sale. The government shareholding in Hindustan Aeronautics currently stands at 89.97 percent and for Bharat Dynamics, it currently stands at 87.75 percent.

Also, merchant bankers have been appointed for both OFS issues. The department of investment and public asset management (DIPAM) in January had invited bids from merchant bankers who were interested in running the OFS issues for HAL and BDL.

According to sources in the know told CNBC-TV18 that the government may start the minority stake sale with BDL. For the current fiscal, the government is likely to line up 7-8 OFSs.

Source close to the development said the government may look at raising Rs 30,000-40,000 crore odd via minority stake sales., which includes buybacks and IPOs.

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