State-run Hindustan Aeronautics files for IPO

Mumbai: Hindustan Aeronautics Ltd (HAL) has filed for an initial public offering of shares that will see the government selling a tenth of the military aircraft maker.

The government, which fully owns HAL, is seeking to sell about 36.2 million shares in the IPO, according to a company filing with the capital markets regulator.

HAL had revenue of Rs 179.52 billion (USD 2.74 billion) and a net profit of Rs 26.25 billion for the year ended last March, the filing showed.

SBI Capital Markets and Axis Capital are managing the IPO, which was first approved by the government in 2012.