Govt sells 6.35% stake in Hindustan Copper to non-retail bidders in OFS

The government has sold 6.35 per cent stake in Hindustan Copper Ltd to non-retail bidders who participated in the company's offer for sale (OFS) on the first day of the sale on September 16.
 
Last week, the company had informed the exchanges that the government proposes to sell its 10 per cent stake in the company through the OFS.
 
"In this regard, we wish to inform you that the President of India, acting through the Ministry of Mines, Government of India, has sold 61,466,049 equity shares of the company on September 16, 2021 to non-retail bidders on the basis of valid bids received on T day (i.e., September 16, 2021)," the Ministry of Mines informed the stock exchanges.
 
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The bidding was open for non-retail investors only on Sepetmber 16, while it was open for retail investors and non-retail investors choosing to carry forward their unallotted bids on September 17.
 
After the transaction, the government's stake in the company has declined to 66.40 per cent from 72.76 per cent earlier.
 
The floor price for the offer was Rs 116 per equity share, the company had said in a filing last week.
 
Incorporated in November, 1967, Hindustan Copper has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

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