State-run Hindustan Aeronautics Limited files for IPO

Airport ground staff stand besides Tejas, India's first locally-built Light Combat Aircraft (LCA) designed by Aeronautical Development Agency and Hindustan Aeronautics Limited.

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 179.52 billion rupees ($2.74 billion) and a net profit of 26.25 billion rupees 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.