India Sells Up to 6% Stake in Hindustan Copper at Rs 514 per Share

The Indian government has announced plans to sell up to 6% of its stake in Hindustan Copper Ltd (HCL) through an Offer for Sale (OFS). The sale will take place at a floor price of Rs 514 per share, which is a 10.38% discount from Monday's closing share price on the BSE.

According to Department of Investment and Public Asset Management (DIPAM) secretary Arunish Chawla, the government aims to divest 3% equity in HCL through the OFS, with an option to sell an additional 3% if demand is high. This is part of the government's ongoing efforts to raise revenue through PSU disinvestment.

The sale will have a reserved portion for retail investors and eligible employees, with 10% of the offer set aside for them.