India Sells Up to 6% Stake in Hindustan Copper for $38M

The Indian government has announced plans to sell up to 6% of its stake in Hindustan Copper, a state-owned copper mining company. The sale will be conducted through an Offer for Sale (OFS) on Tuesday and Wednesday at a floor price of Rs 514 per share.

This move is expected to raise around Rs 2,982 crore, which is part of the government's efforts to boost revenues amidst the ongoing war in West Asia. The government currently holds a 66.14% stake in Hindustan Copper and will retain 60.14% after the sale.

The OFS will reserve 10% of the offer for retail investors, with an additional 25,000 shares reserved for eligible employees. This is part of the government's increased pace of stake sales in various companies this financial year, which has already raised Rs 52,716 crore from sales in companies like Life Insurance Corporation of India and Coal India.