The Government will sell up to 10 per cent of its equity holding in Hindustan Copper through offer for sale (OFS) and fixed the floor price of ₹116. At this price, the Government can garner over ₹1,100 crore. The floor price is at around 7 per cent discount to today’s closing price of ₹124.50 on BSE.
The OFS window is open for non-retail investors on Thursday and on Friday for retail investors.
The government plans to sell over 4.84 crore shares with an option to sell additional equal number of shares. Post the issue, government holding will come down to 62.76 per cent.
Hindustan Copper Ltd, a public sector undertaking under the administrative control of the Ministry of Mines, was incorporated in November, 1967. It has the distinction of being the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.