Hindustan Copper OFS commences at Rs 70/share; stock slips

NEW DELHI: Hindustan Copper Ltd slipped over 2 per cent in morning trade on Wednesday as the company launched its one-day offer-for-sale ( OFS) at a floor price of Rs 70. The base price is at a discount of about 4% to Tuesday’s closing price of Rs 72.65.

Government of India is divesting 37,119,152 shares or 4.0 per cent stake in Hindustan Copper Ltd. ( HCL), which could fetch Rs 240-250 cr to the exchequer.

At 09:20 a.m.; Hindustan Copper was trading 2.1 per cent lower at Rs 71.10. It had hit a low of Rs 70.70 and a high of Rs 71.70 in trade today.

The stale sale would make the company complaint to the minimum 10 per cent public holding norm prescribed by the market regulator, Sebi.

The government plans to raise Rs 40,000 crore through disinvestment in 2013-14.

Earlier in the month of June, the government had raised Rs 568 crore through divesting 9.33 percent stake in MMTC.