The Securities and Exchange Board of India (SEBI) has approved a proposal by state-owned Hindustan Aeronautics Limited (HAL) to launch an initial public offering (IPO).
SEBI said in a notice published 30 October that it has issued an “observation” to HAL to allow it to pursue the market listing, which is expected to take place in 2018. The SEBI observation is necessary before any IPO.
HAL filed its IPO proposal to SEBI in early October. The proposal outlines the divestment of 10% of the company’s shareholding, or 36.15 million shares, with a face value of INR10 (USD0.15) for each share.
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