NEW DELHI: Government-owned Hindustan Aeronautics Limited (HAL) will open its Initial Public Offering (IPO) worth Rs 4,200 crore for subscription on March 16. The offering will entirely be an offer for sale (OFS) by the government as part of its 2017-18 disinvestment program.

A total of 3,41,07,525 equity shares will be offered for sale. 6,68,775 shares are expected to be reserved for subscription by employees of the company.

The price band for the IPO is Rs 1,215 to Rs 1,240 per share. The centre is offering a discount of Rs 25 per share to retail investors.

In February, news agency PTI had reported that as many as 8 public sector companies, including Hindustan Aeronautics and RITES, will hit the capital markets in 2018-18 as the government intends to unlock the real value of PSUs and bring in greater accountability.