Government Set To Offload Part Of Its Shareholding In IRCTC And Hindustan Aeronautical Limited
Government Set To Offload Part Of Its Shareholding In HAL And IRCTC Via Offer For Sale RouteIRCTC. 

In a major development, the Government is set to divest off a part of its stake in the aerospace behemoth Hindustan Aeronautical Limited (HAL) and the travel and tourism sector-major Indian Railway Catering and Tourism Corporation (IRCTC), reports Hindu Businessline.

The process for the same was initiated long back in January itself, but the outburst of COVID-19 pandemic and the ensuing chaos in the markets led the Government to delay the implementation. Now, with the stock market having regained its strength, the Government looks to complete the pending agenda.

The stake sale in HAL and IRCTC will be routed through the 'Offers for Sale' (OFS) medium. It is expected that the stake sale of HAL will be implemented in the ongoing month of August itself. The Government presently holds a massive 89.97 per cent of shares in HAL. The original plan was to divest off a stake of 15 per cent. However, it is expected that the Government will now be offloading just five per cent of the shares which is likely to help it raise Rs 2,100 crore.

Meanwhile, the Government has invited bids for the appointment of Merchant Bankers and Selling Brokers to help assist in carrying out the OFS for IRCTC. The government holds 87.04 per cent shares in the company.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber