Hindustan Copper OFS Opens for Retail Investors Amid Strong Demand
Hindustan Copper's share price is expected to remain in focus on Wednesday as the retail leg of its Offer for Sale (OFS) opens for bidding.
The government initially offered to sell a 3% stake in Hindustan Copper with an option to offload an additional 3% if the issue was oversubscribed. Following a strong response from non-retail investors on Tuesday, the government decided to exercise its greenshoe option, increasing the potential stake sale to 6%. At the floor price of Rs.514 per share, the total OFS size could amount to nearly Rs.2,982 crore.
The retail offering is open to eligible investors who can submit bids between 9:15 am and 3:30 pm through a separate OFS window on the BSE and NSE. A minimum of 10% of the OFS size has been reserved for retail investors, while an additional 25,000 shares have been set aside for eligible employees.
The floor price represents a discount to Hindustan Copper's recent market price, making the offer closely watched by investors as the government moves ahead with its stake sale.