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Govt Sells 6% Stake in Hindustan Copper
25 Aug
Summary
- Government offers 6% equity stake in Hindustan Copper Limited.
- Sale price floor set at Rs 514 per share.
- Government aims to boost revenues through stake sales.
The Government of India is set to divest a 6% equity stake in Hindustan Copper Limited (HCL) via an Offer for Sale (OFS).
This divestment includes an option to sell an additional 3% in case of high demand. The government, which currently holds 66.14% of HCL, will see its share decrease to 60.14% after the sale.
The OFS has a floor price of Rs 514 per share, representing a 10% discount from Hindustan Copper's closing price on Monday. A portion of the offer is reserved for retail investors and employees.
This stake sale is part of an accelerated effort by the government to raise revenue in the current financial year, especially amid geopolitical events. To date, over Rs 52,716 crore has been raised from stake sales in companies like LIC and Coal India.
