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6.83% equity in Hindustan Copper disinvested to raise Rs 400 cr

Author: IANS/Friday, August 4, 2017/Categories: Manufacturing

6.83% equity in Hindustan Copper disinvested to raise Rs 400 cr

New Delhi - The government on August 3 said it has disinvested 6.83% paid-up equity in Hindustan Copper Ltd through an Offer for Sale (OFS) and is likely to raise Rs 400 crore from it.

"Overall, Hindustan Copper OFS got a good response from investors. This is the fourth central public sector enterprise OFS in the current financial year. The government’s shareholding in Hindustan Copper after this OFS will come down to 76.05%," the Finance Ministry said in a statement.

"The trading took place on August 2 and 3. The floor price was fixed at Rs 64.75 per share (face value of Rs 5 each) and retail investors were offered a discount of 5% on the cut-off price for the non-retail category," it said.

The retail portion of Hindustan Copper OFS also drew good response from retail investors and the revised offer size of 1.26 crore shares also got fully subscribed, the statement added.

The initial offer was for the disinvestment of 4% paid-up capital, with an option to retain over-subscription up to 4%.

The trading for non-retail portion opened on August 2. Against an offer size of 2.96 crore shares for the non-retail category, bids were received for 5.05 crore shares, resulting in over-subscription by 1.71 times, it said.

As a result, the government revised the total offer size to 6.83% of the paid-up capital.

 

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S Vijaykrishnan
S Vijaykrishnan

IANS

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