Commodities
Government Sells up to 6% Stake in Hindustan Copper via Offer for Sale at Discount
The Union government plans to sell up to 6% of its stake in Hindustan Copper Ltd through an Offer for Sale (OFS), with a floor price set at a 10% discount to the last closed price.
The OFS will offer 3% equity initially, with an option to sell another 3% if demand is strong. The government aims to increase public shareholding in the state-run copper miner.
Hindustan Copper reported a profit before tax of Rs 472 crore for the June quarter, up around 163% from the same period last year. Revenue from operations rose 81% to Rs 936 crore from Rs 516 crore a year earlier.