Hindustan Aeronautics IPO opens

Hindustan Aeronautics, a government owned Navratna company, is coming out with its initial public offering (IPO) to raise Rs 4,200 crore.

The comapny will offer 3,41,07,525 equity shares through an offer for sale by the President of India, acting through The Department of Defence Production, Ministry of Defence. Around 668,775 shares will be reserved for subscription by employees.

The price band of the issue is Rs 1,215-1,240 per equity share with face value of Rs 10 each.

The issue is scheduled to open on March 16, and close on March 20, 2018.

The equity shares of Bandhan Bank are proposed to be listed on both the NSE and BSE. Its investment banking arms - Kotak Mahindra Capital Company, Axis Capital - are merchant bankers for its IPO.

The government will dilute 10.20 percent of its stake in the company through IPO that will close on March 20.

Hindustan Aeronautics is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures.

Its operations are organised into five complexes, namely the Bangalore complex, MiG complex, Helicopter complex, Accessories complex, and Design complex, which together include 20 production divisions and 11 research and design centres located across India.