Commodities
Hindustan Copper Shares Surge After Strong Demand for Offer for Sale
Hindustan Copper's shares are in focus after the government's offer for sale (OFS) opened for retail investors on Wednesday. The OFS, which comes just a day after strong demand from non-retail investors, was subscribed 3.41 times on Tuesday.
The company received bids for 8.91 crore shares against the 2.61 crore shares offered at a floor price of Rs 514 apiece. Hindustan Copper was trading at Rs 531.40, above the OFS floor price, according to data shared by exchanges.
The government will now exercise the greenshoe option following the strong response. This means that if the greenshoe option is fully exercised, the total stake sale could rise to 6% of Hindustan Copper's equity.