Hindustan Copper has launched its one-day offer-for-sale (OFS) at a floor price of Rs 70, which is at discount of about 4% to Tuesday's closing price of Rs 72.65. In a bid to raise Rs 40,000 crore through disinvestment in 2013-14, Government of India (GoI) has decided to offload 37,119,152 shares or 4% stake in Hindustan Copper, which could fetch Rs 240-250 crore to the exchequer.
The government currently holds 94.01% in Hindustan Copper. The stake-sale will make the company compliant with the minimum 10% public holding norm of market regulator SEBI.
In November last year, the government sold 5.58% stake in Hindustan Copper through OFS route at an average price of Rs 156.56 per share, which had then fetched the exchequer a sum of Rs 808 crore.
