The company will also sell 10.20 percent of its equity through an offer-for-sale route through the IPO and has fixed a price band of Rs 1,215-1,240 a share for the offer that will close on March 20.
Public sector helicopter-maker Hindustan Aeronautics' Rs 4,230-crore initial public offer, through which government is divesting 10.20 percent holding, will hit the market tomorrow.
The company will also sell 10.20 percent of its equity through an offer-for-sale route through the IPO and has fixed a price band of Rs 1,215-1,240 a share for the offer that will close on March 20.
The sale is part of the government's Rs 75,000-crore divestment process, which for the first time in many years, has already crossed the target.
The Navratna company, which made a profit of Rs 3,580 crore in fiscal 2017 on a revenue of over Rs 18,600 crore, is offering a discount of Rs 25 on offer price to retail individual bidders, and employees which have come in for at least 12 or the multiples of 12 shares.
The IPO will see the Bengaluru-based HAL selling 34,107,525 shares through an offer-for-sale by the President, acting through the department of defence production, HAL said.
The offer comprises a net offer of 33,438,750 equity shares and an employee reservation of up to 668,775 shares.
Acting chairman VM Chamola said HAL has an order book of over Rs 68,000 crore, which covers the next three years.
The issue is being managed by SBI Caps and Axis Capital.