Stock market sell-off fails to dent demand for Hindustan Copper’s Offer For Sale
The stock fell almost 5% to end at Rs. 62.10 on Thursday. About 3.14 lakh shares changed hands on the BSE against the two-week daily average volume of 77,000 shares.
By Dia Rekhi, ET Bureau | Updated:
MUMBAI: The stock market sell-off on Thursday did not dent demand for Hindustan Copper’s Offer For Sale (OFS). The issue was subscribed 1.6 times by institutional investors. Retail investors will get to bid for the issue on Friday.
The government is selling 6.47 crore shares of Hindustan Copper, which represents 7% of the its equity. The floor price for the offer was fixed at Rs 62 per share. On Friday, retail investors will be offered a 5% discount on the allotment price, the company said.
The stock fell almost 5% to end at Rs. 62.10 on Thursday. About 3.14 lakh shares changed hands on the BSE against the two-week daily average volume of 77,000 shares.
As of June 2016, the Government of India held 89.95% stake in the company. This stake will come down to 82.95% after dilution through offer for sale issue.
The government is selling 6.47 crore shares of Hindustan Copper, which represents 7% of the its equity. The floor price for the offer was fixed at Rs 62 per share. On Friday, retail investors will be offered a 5% discount on the allotment price, the company said.
The stock fell almost 5% to end at Rs. 62.10 on Thursday. About 3.14 lakh shares changed hands on the BSE against the two-week daily average volume of 77,000 shares.
As of June 2016, the Government of India held 89.95% stake in the company. This stake will come down to 82.95% after dilution through offer for sale issue.
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