Hindustan Copper OFS Sees 2% Rally as Government Opens Stake Sale to Retail Investors

Hindustan Copper shares rose over 2% on Wednesday after the government's Offer for Sale (OFS) opened for retail investors. The OFS has been launched at a floor price of Rs 514 per share, with the potential stake sale increased to 6% from an initial 3%. At least 10% of the offer has been reserved for retail investors, while 25,000 shares have been set aside for eligible employees.

Retail investors can place bids between 9:15 am and 3:30 pm through a separate OFS window on the NSE and BSE. The government could raise nearly Rs 2,982 crore at the maximum stake sale of 6%. Hindustan Copper shares ended at Rs 531.40 on Tuesday, down Rs 42.75 or 7.45% after the government announced the OFS.

Vaqarjaved Khan, Senior Fundamental Analyst at Angel One, noted that the discount may no longer be available in practice due to the price determined by the institutional book built on Tuesday.