India Sets Floor Price for Hindustan Copper Stake Sale at ₹514
The Indian government has set a floor price of ₹514 per share for an Offer for Sale (OFS) in Hindustan Copper, aiming to sell up to 6% of its stake. The stake sale comes after the stock's sharp rally in August, with prices rising due to higher global copper prices and concerns over supply.
The government will offer 3% of its equity through the OFS, with an option to divest another 3% if the issue is oversubscribed. This move could reduce the government's holding in Hindustan Copper, depending on the final number of shares sold.
The stake sale has been reserved for retail investors, who will get a 10% allocation, while eligible employees can buy up to 25,000 shares. The recent rally in Hindustan Copper's shares is largely due to higher global copper prices and concerns over supply, with the stock gaining around 17% this month.