The government to sell up to 3.5% of Hindustan Aeronautics stake

The Indian government intends to sell up to 3.5% of its ownership in the aerospace and defence firm Hindustan Aeronautics Ltd, According to a filing with the stock exchange on Wednesday.

At a floor price of Rs 2,450 per share, the stake sale would be priced at Rs 28.67 billion ($347.05 million).

With its headquarters in Bangalore, Hindustan Aeronautics Limited (HAL) is a public sector aerospace and defence corporation in India.

HAL, one of the oldest and biggest aerospace and defence manufacturers in the globe, was founded on December 23, 1940. HAL started producing aeroplanes in 1942.