Bangalore-based Hindustan Aeronautics Limited (HAL) has initiated the process of launching an initial public offering (IPO) through which it will list a 10% stake on the domestic stock exchange, the company announced on 1 October.
The state-owned public sector undertaking (PSU) said it has outlined the details of the proposed IPO in a preliminary ‘red herring’ prospectus filed on 29 September with the state regulator, the Securities and Exchange Board of India (SEBI).
HAL chairman and managing director 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.”
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