Hindustan Copper Shares Gain as Retail Bidding for OFS Begins

Hindustan Copper shares surged on Wednesday after the retail bidding for the company's offer for sale (OFS) began.

The stock gained as much as 3.59% to hit a high of ₹551.80 on the NSE, following a sharp slide the previous day.

Institutional investors oversubscribed the OFS by putting in bids worth over ₹4,600 crore at an indicative price of ₹520.35 per share.

The government is selling up to 6% of its stake in Hindustan Copper through the two-day OFS, with the floor price set at a 10.38% discount over Monday's closing share price.