Hindustan Copper appoints five banks for FPO

State-run Hindustan Copper (HCL) has appointed five bankers to run their Follow-on Public Offer. The appointed bankers are UBS-SMC Capital, Kotal Mahindra, I-Sec, BoAML and SBI Caps, sources said. The company's sixth choice is Enam Securities, which may run the FPO if any of the above five banks drop out from the issue. Earlier, nine investment banks had put in bids for managing the FPO of the miner.

HCL has also started the process for appointing the legal advisors. The Cabinet Committee on Economic Affairs earlier this month approved a 10% divestment in the company along with a fresh issue of 10% equity. The follow-on public offer (FPO) of Hindustan Copper Ltd is expected to hit the market in September-October this year.

Post-disinvestment, the public float would be 18.45% while the government’s holding would be 81.55%.