Hindustan Copper OFS Sees Strong Demand, Govt Exercises Greenshoe Option

Hindustan Copper's offer for sale (OFS) saw strong demand from non-retail investors, with the issue subscribed more than three times. The OFS received bids for 8.91 crore shares against 2.61 crore shares on offer, indicating a subscription of 3.41 times.

The shares were offered at a floor price of Rs 514 apiece, and the stock was trading at Rs 531.40 above the OFS floor price. The discount to the market price helped draw strong demand from investors.

Following the strong response, the government will exercise the greenshoe option. This allows the Centre to sell an additional 3% in Hindustan Copper, taking the total stake sale up to 6% of the company's equity.