Hindustan Copper OFS Sees Strong Demand, Government Sells 6% Stake

Hindustan Copper's offer for sale (OFS) to divest up to a 6% stake in the company has seen strong demand from both institutional investors and retail investors.

The government of India initially offered up to 2,90,10,721 equity shares, representing 3% of the company's total issued and paid-up equity share capital, with an option to sell additional shares under oversubscription. Following strong demand from institutional investors, the government exercised the oversubscription option in full, taking the total offer size to 5.80 crore equity shares, representing 6% of Hindustan Copper's paid-up equity share capital.

The retail portion received bids for 4.21 crore shares, translating into a 725.9% subscription of the revised retail offer comprising 58.02 lakh shares. The non-retail portion had received bids for 8.91 crore shares, resulting in full subscription of the revised non-retail allocation.

The indicative clearing price stood at Rs 532.42 per share. As a result, Hindustan Copper's shares settled 4.38% higher at Rs 556.55 on the BSE, above the OFS clearing price.