Market

Hindustan Copper OFS over-subscribed; institutions bid for Rs 700 cr shares

The authorities’s as much as 10 per cent stake sale in Hindustan Copper acquired off to an excellent begin on Thursday with institutional buyers placing in bids of over Rs 700 crore.

As in opposition to the over 4.35 crore shares on provide, institutional buyers put in bids for greater than 6.14 crore shares, or 1.41 occasions the provide measurement, as per information on the NSE.

At the indicative value of Rs 116.12 a share, the bids are valued at over Rs 710 crore.

The authorities is promoting 10 per cent stake in Hindustan Copper, which incorporates green-shoe possibility of 5 per cent. The flooring value was been set at Rs 116 a share.

If totally subscribed, the sale of 10 per cent stake or over 9.66 crore shares would fetch round Rs 1,100 crore. The share sale would open for retail buyers on Friday.

The authorities at the moment holds 72.76 per cent stake within the company, beneath the executive management of the Mines Ministry.

Shares of Hindustan Copper closed at Rs 117.05, down 5.98 per cent over the earlier shut on the BSE.

This is the third provide for sale (OFS) launched by the federal government within the present fiscal.

So far this fiscal, the federal government has raised Rs 8,368 crore via NMDC and HUDCO OFS and sale of SUUTI stake in Axis Bank.

The disinvestment goal for the present monetary year is Rs 1.75 lakh crore.

(Only the headline and movie of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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