India Sells Hindustan Copper Stake at Discount Amid Copper Price Surge

The Indian government has announced its second Offer for Sale (OFS) this month in Hindustan Copper, a state-run company that engages in copper ore mining and production. The government plans to sell up to 6% of the company's stake at a floor price of ₹514 per share.

This represents a 10.45% discount from Hindustan Copper's closing price on the NSE on Monday, which was ₹574. Considering the floor price, the proposed stake sale is valued at around ₹3,000 crore, according to Mint calculations.

So far in the current fiscal year, the government has raised ₹52,716 crore through PSU disinvestment, including ₹31,552 crore from the OFS in Life Insurance Corporation of India (LIC) earlier this month.