Govt disinvests 6.83 % of equity in Hindustan Copper Limited

Speed Post News Network

New Delhi : The Government of India has disinvested 6.83% of paid up equity in Hindustan Copper Limited through Offer for Sale (OFS). The Government is likely to get approximately Rs 400 crore from this disinvestment. The trading took place on August 2 and 3, 2017. The floor price was fixed at Rs 64.75 per share (Face value Rs 5 each) and retail investors were offered discount of 5% on the cut off price for the Non-Retail Category, according toa PIB release.

The initial offer was for disinvestment of 4% paid-up capital with an option to retain over-subscription up-to 4%. The trading for Non Retail portion opened on August 2, 2017. Against an offer size of 2.96 crore shares for the Non Retail Category, bids were received for 5.05 crore shares resulting in over subscription by 1.71 times, according toa PIB release. As a result, the government revised the total offer size to 6.83% of the paid-up capital. The retail portion of HCL OFS also got good response from the retail investors and the revised offer size of 1.26 crore shares also got fully subscribed, according to the release.