India to Sell Up to 6% Stake in Hindustan Copper at Discounted Price

The Indian government has announced plans to sell up to 6% of its stake in Hindustan Copper Ltd through an offer for sale (OFS). The OFS will open on August 25, with a floor price set at Rs 514 per share, representing a 10% discount from the last closed price of Rs 573.55.

The government has reserved 3% of the equity for the OFS, with an option to sell another 3% if demand is strong. This would bring the total stake sale to 6%. The OFS will be open to non-retail investors on August 25 and retail investors on August 26.

Hindustan Copper has reported a strong performance in its June quarter, with profit before tax up around 163% year-over-year. The company is also expanding its operations, targeting ore production capacity of 12.2 million tonnes per annum by 2030.