Government Sells Up to 6% Stake in Hindustan Copper via OFS at ₹514 Floor Price

The Indian government is planning to sell up to 6% of its stake in Hindustan Copper Limited (HCL) through an Offer for Sale (OFS). The move comes as the government aims to divest equity in various public sector undertakings. According to Department of Investment and Public Asset Management (DIPAM) secretary Arunish Chawla, 10% of the offer is reserved for retail investors.

The OFS will open at a floor price of ₹514 per share, which represents a 10.38% discount over Monday's closing share price of Hindustan Copper on the BSE. The company had reported a 162% year-on-year rise in its consolidated net profit to ₹352 crore in Q1.

Hindustan Copper has seen a significant increase in revenue from core operations, with an 81% rise to ₹937 crore in the June quarter compared to ₹516 crore in the same period a year earlier. The company's shares have gained 17.5% over the past month and have advanced 1% in the past six months.

The government has already mopped up ₹52,716 crore through PSU disinvestment so far in the current fiscal.