Government on Wednesday raised Rs 260 crore by divesting 4.01 per cent stake in Hindustan Copper with the issue being over-subscribed by 1.18 times. The issue attracted bids for over 4.38 crore shares as against a total number of over 3.71 crore shares on offer, at a base price of Rs 70 a piece.
Hindustan Copper is the second successful disinvestment in the current fiscal. Last month the government had sold 9.33 per cent stake in MMTC to rake in Rs 568 crore. Further, the government plans to sell stakes in other state companies such as Coal India, Indian Oil Corp and Bharat Heavy Electricals (BHEL) to cut its fiscal deficit.
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.
