Defence public sector company Hindustan Aeronautics Ltd. (HAL), on Sunday, said it has initiated the process of an initial public offer (IPO) by filing the draft red herrring prospectus (DRHP) with stock market regulator SEBI.
The Government of India has approved the sale of 10% stake in the company, which primarily manufactures fighter, transport planes and helicopters for the Armed Forces.
The DRHP filed on September 29 is to offload ₹36.15 crore share of face value of ₹10 each.
A release quoted HAL CMD T. Suvarna Raju as saying, “This is a major milestone towards listing of the defence PSU, which is slated for partial disinvestment.”
For fiscal 2016-17, the company had a turnover of over ₹17,400 crore and pre-tax profit of nearly ₹3,300 crore.
