Govt's 6 per cent stake sale in HindCopper opens for institutional bidders; aims to garner Rs 3,000 crore

Representational Image. File pic.

The government's Offer-for-Sale (OFS) for up to 6 per cent in Hindustan Copper at a floor price of Rs 514 per share began on bourses on Tuesday as institutional bidding got underway.

Shares of HindCopper were trading down 6.37 per cent at Rs 537 on BSE on Tuesday.

Through the two-day OFS, the government will sell over 5.80 crore shares or 6 per cent stake (including a greenshoe option of 3 per cent) in HindCopper at a floor price of Rs 514 per share.

The share sale would fetch about Rs 3,000 crore to the exchequer. Bidding will open for retail investors on Wednesday.

The floor price is at a 10.38 per cent discount over Monday's closing share price of Rs 573.55 of Hind Copper on BSE.

The government currently has a 66.14 per cent equity holding in HindCopper.

So far in the current fiscal, the government has mopped up Rs 52,716 crore through PSU disinvestment.

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