Indian govt proposes to sell up to 3.5% stake in HAL

BENGALURU (Reuters) - Indian government is planning to sell up to 3.5% stake in aerospace and defence company Hindustan Aeronautics Ltd, according to an exchange filing on Wednesday.

The stake sale would be valued at 28.67 billion Indian rupees ($347.05 million), based on a floor price of 2,450 rupees apiece.

($1 = 82.6100 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shinjini Ganguli)