Hindustan Copper Shares Gain Amid Government OFS Bidding

Hindustan Copper shares saw a significant gain as retail bidding for the Offer for Sale (OFS) commenced. The stock rose around 3.50% after experiencing a decline the previous day due to the government's launch of the OFS.

The government is selling over 5.80 crore shares, which represents up to 6% of the company, including a 3% green shoe option. This stake reduction is being carried out through the two-day OFS at a floor price of Rs 514 per share, set at a 10.38% discount compared to Monday's closing share price.

The stock began trading in the red despite benchmark indices Sensex and Nifty trending positively, influenced by global equities and declining crude oil prices. Institutional investors oversubscribed Hindustan Copper's OFS on Tuesday, placing bids worth over Rs 4,600 crore for shares valued at Rs 520.35 each.