The government is all set to sell 4% stake or 3.70 crore equity shares in Hindustan Copper at a floor price of Rs 64.75 apiece through a two-day offer-for-sale (OFS) beginning August 2, with an option to issue a similar number of shares in case of over subscription. The sale of 4% stake or over 3.70 crore shares at Rs 64.75 apiece would fetch about Rs 240 crore to the exchequer.
The government currently holds 82.88% stake in the company and the stake sale with green shoe option would help the government meet the minimum public shareholding norm of market regulator SEBI.
Hindustan Copper’s principal activities include mining of copper ore, concentration of copper ore into copper concentrate through a beneficiation process and also smelting, refining and extruding of the copper concentrate into refined copper in downstream saleable products.
