Hindustan Copper Disinvestment Opens for Institutional Investors

The Indian government has opened its offer for sale (OFS) of up to 6% stake in Hindustan Copper Ltd (HCL) to institutional investors on the stock exchanges, with a floor price set at Rs 514 per share. This move aims to raise around Rs 3,000 crore for the exchequer through the two-day OFS.

Out of the total shares on offer, 10% have been reserved for retail investors, who can bid from Wednesday onwards. The remaining shares will be sold at the floor price of Rs 514 per share, which represents a discount of approximately 10.5% to the prevailing market price.

Hindustan Copper's shares fell 6.37% to Rs 537 on Tuesday during trading hours on the Bombay Stock Exchange (BSE). The government currently holds a 66.14% stake in HCL, and this disinvestment is part of its efforts to raise Rs 52,716 crore through PSU disinvestments in the current financial year.