India Sells Up to 6% Stake in Hindustan Copper for ₹514 per Share

The Indian government has announced plans to sell up to a 6% stake in Hindustan Copper Limited (HCL) through an Offer for Sale (OFS).

The initial offer will comprise of 3% equity stake, with an option to sell an additional 3% through the green-shoe mechanism if the issue is oversubscribed.

The floor price has been fixed at ₹514 per share, which represents a discount of around 10% to Hindustan Copper's latest market price of ₹574.15 on the NSE on August 24.

Retail investors will have a 10% reservation in the OFS, while an additional 25,000 shares are earmarked for eligible employees.