Hindustan Copper OFS, Hindustan Copper Offer For Sale: The government will sell up to 10 per cent stake in Hindustan Copper through an offer for sale (OFS), according to a regulatory filing. The OFS will take place on Thursday and Friday. The OFS will be executed through a separate, designated window of the BSE and NSE.
The President of India, acting through and represented by the Ministry of Mines, Government of India, is the promoter of Hindustan Copper Ltd. Through the OFS, the government will help the exchequer to raise Rs 1,120 crore in divestment receipts.
The filing said that the government will sell 48,351,201 equity shares (5%) at Rs 116 apiece for non-retail investors only on Thursday. The floor price is set at a 7 per cent discount to the closing price of the stock on Wednesday. On the NSE, Hindustan Copper closed at Rs 124.40 and 124.50 on the BSE yesterday.
The OFS also includes a greenshoe option to sell an additional 5 per cent shareholding of the public sector undertaking (PSU).
The OFS will open for retail investors and non-retail investors who choose to carry forward their un-allotted bids 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 nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
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