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India to sell up to 6% stake in Hindustan Copper at 10% discount
India plans to sell up to 6% of Hindustan Copper at Rs 514 floor, a 10% discount. The OFS could raise ~Rs 3,000 crore as the sole copper miner posts strong earnings.
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The Indian government will sell up to 6% of Hindustan Copper Ltd. through an offer-for-sale, aiming to raise roughly 30 billion rupees ($360 million). Arunish Chawla, secretary in the Department of Investment and Public Asset Management, announced the plan on social media Monday. The floor price is set at 514 rupees per share, a 10.4% discount to Monday's close of 573.55 rupees.
The offer includes a base tranche of 3% and a green-shoe option of another 3% if the sale is oversubscribed. Retail investors get 10% of the offer, and employees are reserved 25,000 shares, Chawla said. The government currently holds 66.14% of Hindustan Copper.