India Sells 3% Stake in Hindustan Copper at Rs 514/Sh

The Government of India has proposed to sell a 3 per cent stake in Hindustan Copper Limited (HCL) through an Offer for Sale (OFS), with the possibility of increasing the sale by another 3 per cent 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 around 9.3 per cent lower than the Friday closing price of Rs 567 on the National Stock Exchange.

Of the shares being offered, 10 per cent will be set aside for retail investors and an additional 25,000 shares have been earmarked for eligible employees.