Govt’s 7% stake sale in Hindustan Copper begins

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New Delhi | Published: September 29, 2016 12:45:35 PM

Disinvestment of government's seven per cent stake worth Rs 400 crore in Hindustan Copper Ltd today got off to a flying start with all the portion reserved for non-retail investors lapped up within hours.

copper pricesThe government is selling a total of 6.47 crore equity shares at a floor price of Rs 62 a share. It holds 89.95 per cent stake in Hindustan Copper. (Reuters)

Disinvestment of government’s seven per cent stake worth Rs 400 crore in Hindustan Copper Ltd today got off to a flying start with all the portion reserved for non-retail investors lapped up within hours.

The two-day Offer for Sale opened today with 5.18 crore shares reserved for non-retail investors being put under the hammer.

At 1155 hrs, 6.49 crore shares or 125 per cent of the size reserved for non-retail investors was bid for, according to BSE data.

The government is selling a total of 6.47 crore equity shares at a floor price of Rs 62 a share. It holds 89.95 per cent stake in Hindustan Copper.

Over 1.29 crore shares reserved for retail investors, who would also be given a 5 per cent discount to the share allotment price, will go up for subscription tomorrow.

SBICAP Securities, ICICI Securities, Edelweiss Securities and Deutsche Equities India are acting as brokers for the sale, which is part of government’s disinvestment plan to raise Rs 56,500 crore in current fiscal.

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