Hindustan Copper OFS discovered price at Rs 157/share

MUMBAI: The offer for sale ( OFS) of Hindustan Copper’s 3.7 crore shares got over-subscribed by 18 lakh shares today. The company received total bids received for 3.89 crore shares.

The discovered price of the OFS is Rs 157 per share against offer price of Rs 155 per share. The government is likely to raise nearly Rs 600 crore via stake sale.

Commenting on the Hindustan Copper OFS, Finance Minister P Chidambaram said, the issue shows resumption of divestment process. He hopes the government will be able to raise Rs 30,000 crore from PSU divestment in FY13.

Life Insurance Corporation, State Bank of India and Punjab National Bank are among the top investors in divestment.

The government had put shares on offer to comply with SEBI’s norm on public shareholding. The company has an option to sell additional 5.1 crore shares.

Meanwhile, the stock plunged in trade today after over disappointment on government’s OFS price.

The stock ended at Rs 213.05, down 20 per cent, on the BSE. Around 25.59 lakh shares were traded in the counter.