Govt’s 6% Share Sale in HindCopper Opens for Institutional Bidders

New Delhi: The government’s Offer-for-Sale (OFS) for up to 6 per cent in Hindustan Copper at a floor price of Rs 514/ 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/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.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)