Hindustan Copper Share Sale Oversubscribed by Institutional Buyers

Institutional investors have shown strong interest in Hindustan Copper's share sale, with bids worth over ₹4,600 crore coming in for the government's Offer-for-Sale (OFS) of shares.

The OFS, which opened on Tuesday, saw institutional investors put in bids for over 8.91 crore shares, more than three times the reserved amount of 2.61 crore shares.

This oversubscription comes at an indicative price of ₹520.35 per share, valuing the total bids at over ₹4,600 crore.

The government is selling up to 6% stake in Hindustan Copper, which includes a 3% green shoe option, through the two-day OFS. The floor price was set at ₹514 apiece, a 10.38% discount from Monday's closing share price of ₹533.20.

With this development, the government has now exercised its entire green shoe option, as announced by Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla on X.