The government’s Offer-for-Sale (OFS) for up to 6 per cent in Hindustan Copper at a floor price of ₹514/share began on bourses on Tuesday as institutional bidding got underway.
Shares of HindCopper were trading down 6.37 per cent at ₹537 on BSE on Tuesday.
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Through the two-day OFS, the government will sell over 5.80 crore shares or 6 per cent stake (including a greenshoe option of 3 per cent) in HindCopper at a floor price of ₹514/share.
The share sale would fetch about ₹3,000 crore to the exchequer. Bidding will open for retail investors on Wednesday.
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The floor price is at a 10.38 per cent discount over Monday’s closing share price of ₹573.55 of Hind Copper on BSE.
The government currently has a 66.14 per cent equity holding in HindCopper.
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So far in the current fiscal, the government has mopped up ₹52,716 crore through PSU disinvestment.