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Hindustan Aeronautics starts IPO process, files DRHP with Sebi

LiveMint logoLiveMint 01-10-2017 PTI

Bengaluru: State-owned Hindustan Aeronautics Ltd (HUL) on Sunday said it has initiated the process of initial public offer (IPO) with the filing of the draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi).

HAL has initiated the process of IPO with the filing of the DRHP on 29 September 2017 with the market regulator, the company said in a statement.

Commenting on the development, HAL chairman and managing director (CMD) T. Suvarna Raju said, “This is a major milestone towards listing of the defence PSU which is slated for partial disinvestment by the government of India.”

The Union government had in 2012 approved the sale of a 10% stake in HAL. It had in 2013 appointed four merchant bankers: SBI Cap, Goldman Sachs, Barclays and Axis Capital, for managing the stake sale.

A top company official during the Aero India in February had said that 3.615 crore equity shares at a face value of Rs10 would be considered for the IPO, the valuation of which would be done by the book running lead managers (BRLMS) and the other financial experts.

During 2015-16, 120,000,000 (twelve crore five lakh) shares were offered for buyback in all, amounting to Rs5,265 crore, HAL had earlier said.

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