India Sells 3% Stake in Hindustan Copper at Floor Price of Rs 514

The Government of India has proposed to sell a 3% stake in Hindustan Copper Limited (HCL) through an Offer for Sale (OFS), with the possibility of increasing the sale by another 3% if the issue is oversubscribed, according to DIPAM Secretary.

The government has fixed a floor price of Rs 514 per share for the OFS, which is Rs 53 below Hindustan Copper's closing price of Rs 567 per share on the National Stock Exchange on Friday.

Of the shares being offered, 10% will be set aside for retail investors, while an additional 25,000 shares have been reserved for eligible employees.