Hindustan Copper OFS 2021: Floor price fixed at Rs 116
Hindustan Copper OFS, Hindustan Copper Offer for Sale: According to a regulatory filing, the government will sell up to 10 per cent stake in Hindustan Copper through an offer for sale (OFS). OFS will be held on Thursday and Friday. The OFS will be executed through a separate, designated window of BSE and NSE.
The President of India, acting and represented through the Ministry of Mines, Government of India, is the promoter of Hindustan Copper Limited. Through the OFS, the government will help the exchequer to raise Rs 1,120 crore in disinvestment proceeds.
The government will sell 48,351,201 equity shares (5%) at Rs 116 only to non-retail investors on Thursday, the filing said. The floor price has been set at a discount of 7 per cent on the closing price of the stock on Wednesday. Hindustan Copper yesterday closed at Rs 124.40 on BSE and Rs 124.50 on NSE.
The OFS also includes a greenshoe option to sell an additional 5 per cent stake in a public sector undertaking (PSU).
The OFS will be open to retail investors and non-retail investors who opt to forward their non-allocated bids to retail investors on Friday.
Hindustan Copper is a Public Sector Undertaking under the administrative control of the Ministry of Mines. It was incorporated in 1967. The company has the distinction of being the only integrated copper producer in the country as it manufactures copper from the mining stage to beneficiation, smelting, refining and refining copper metal into downstream salable products.
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