Govt Sells Up to 6% Stake in Hindustan Copper for ₹3,000 Crore

The Indian government is planning to sell up to 6% of its stake in Hindustan Copper through an Offer for Sale (OFS) at a floor price of ₹514 per share. This represents a 9.5% discount to the company's Monday closing price of ₹567.90.

The sale aims to raise nearly ₹3,000 crore, which would be in addition to the government's current holding of around 66%. If the full 6% stake is sold through the OFS, its holding will come down to around 60%. The sale comes after a sharp improvement in Hindustan Copper's financial performance in the June quarter.

Hindustan Copper reported a net profit of ₹353 crore for the June quarter, more than doubling from ₹134 crore in the year-ago period. Revenue rose by 81.4% to ₹936.5 crore from ₹516.4 crore. The company's EBITDA (earnings before interest, tax, depreciation and amortisation) also more than doubled to ₹507.5 crore from ₹212.3 crore a year earlier.