Govt to offload 4% stake in Hind Copper on Friday

Written by Press Trust of India | New Delhi | Updated: Nov 22 2012, 09:44am hrs
The government will offload its 4% share in Hindustan Copper (HCL) on Friday, starting the Rs 30,000-crore disinvestment programme for the current fiscal. HCL disinvestment will happen on Friday between 9:15 am and 3:30 pm. The first tranche is only going to be 4%, disinvestment secretary Halim Khan told reporters.

This will be the first stake sale in any PSU in the current fiscal. The government had earlier planned to offload 9.59% out of its 99.59% equity in Hindustan Copper. However, it has now decided to offload the copper major in two tranches. We dont want to flood the market with extra liquidity, so we are divesting stakes in two tranches, Khan said, adding that the floor price for the issue would be decided after the close of the equity market tomorrow.