The government will sell up to 6% of its stake in Hindustan Copper Ltd. through an offer for sale (OFS) on Tuesday-Wednesday to raise around Rs 2,982 crore.
“Government of India offers to divest 3% equity in Hindustan Copper Limited (HCL) through an Offer for Sale (OFS), with an option to divest an additional 3% (green shoe) in case of oversubscription,” Department of Investment and Public Asset Management Secretary Arunish Chawla said in a post on X.
The government holds 66.14% in Hindustan Copper. A 6% stake sale will lower its share to 60.14%.
The OFS will open at a floor price of Rs 514 per share, at a 10% discount to Hindustan Copper’s closing share price of Rs 573.55 on BSE on Monday. Of the offer, 10% is reserved for retail investors, with an additional 25,000 shares reserved for eligible employees, Chawla said.
The government has stepped up the pace of the stake sale in companies this financial year to boost revenues amidst the war in West Asia. The government has already raised Rs 52,716 crore in FY27 from stake sales in several companies, including Life Insurance Corporation of India, Coal India, and Central Bank of India.