India to Sell Up to 6% Stake in Hindustan Copper Ltd via Offer for Sale
The Indian government is set to divest up to 6% of its stake in Hindustan Copper Ltd through an Offer for Sale (OFS) on August 25-26. The President of India, acting through the Ministry of Mines, will offer over 2.90 crore shares at a floor price of Rs 514 per share.
The OFS will be conducted in two days, with non-retail investors bidding on August 25 and retail investors, eligible employees, and non-retail bidders carrying forward unallotted bids on August 26. The settlement for bids received on both days will take place on August 27 due to a clearing holiday on August 26.
A total of 3% of the company's issued and paid-up equity capital is being offered, with an option to sell an equal number if the base offer is oversubscribed. The government has retained the right to withdraw the offer before it opens or cancel it after Tuesday's bidding if non-retail demand at or above the floor price proves insufficient.