Deja vu: LIC, PSBs bail out Hind Copper
Last week, the government mopped up approximately R808 crore by diluting 5.58% of its stake in Hindustan Copper, marking the start of its divestment programme for the financial year 2012-13.
The government plans to collect R30,000 crore through disinvestments this year.
Data with the stock exchanges showed the offer for sale (OFS) attracted bids for 5.16 crore shares, or 58% of the issue size, at an average indicative price of R156.56 per share. The floor price was R155 per share and the minimum number of shares on offer 3.7 crore shares. The maximum shares on offer 8.87 crore shares or 9.59% of the total paid up equity.
Meanwhile, shares of Hindustan Copper lost 20% for the second consecutive session to close at R170.45.