The Ministry of Defence will offload up to 3.5% of its stake in the state-run Hindustan Aeronautics Ltd. through an offer for sale.

The base offer size will include 58.52 lakh shares—representing 1.75% of the entire shareholding of the defence PSU—at a floor price of Rs 2,450 per share, the company said in an exchange filing on Wednesday.

In case of oversubscription, the government will sell 1.17 crore shares, or an additional 1.75% stake in the company. In that case, the government would give up a total of 3.5% of its stake in Hindustan Aeronautics.