India Sells 3% Stake in Hindustan Copper Ltd at Discounted Price

The Indian government has announced plans to sell a 3% stake in Hindustan Copper Ltd (HCL) through an Offer for Sale (OFS), with a floor price of Rs 514 per share. This is below the company's closing price of Rs 567 on the National Stock Exchange on Friday.

The government has reserved 10% of the shares for retail investors and 25,000 additional shares for eligible employees. There is also an option to sell an additional 3% stake if the issue is oversubscribed.

At Rs 514 per share, the offer price represents a 9.3% discount compared to Hindustan Copper's Friday closing price. The government has stated that it will divest 3% equity in HCL through the OFS, with an option to divest another 3% if demand exceeds expectations.