The nearly Rs 2,900-crore share sale in Hindustan Aeronautics (HAL) by the government saw two times more demand than the shares on offer. Against the 11.7 million shares put on the block, the offer for sale (OFS) garnered bids for 23.8 million shares from institutional investors. Most of the bids came around Rs 2,470 per share higher than the base price of Rs 2,450 set by the government.
In the secondary market trading, shares of HAL dropped almost 5 per cent to finish Rs 2,497.
The government announced on Wednesday it will divest up to 3.5 per cent stake in the defence firm.
