Centre to divest 10% stake in HAL

Mumbai: As part of the divestment process, government will divest 10 per cent of its stake in Hindustan Aeronautics, which on Tuesday launched a 4,230` crore IPO. As part of the IPO that hits the market on March 16, the Maharatna company will also sell 10.20 per cent of its equity through and offer- for- sale route. The firm, which gets over 91 per cent of its sales from the defence sector including the Coast Guard, has fixed a price band at 1,215- 1,240 per equity share ` for the offer that will hit the market on March 16.