Govt to divest 4.01% stake in Hind Copper on july 03,2013

The Empowered Group of Ministers has cleared the offer for sale of Hindustan Copper. The sale will take place tomorrow. The Government will offer 4.01 per cent of its stake.

The offer for sale is likely to be priced around Rs 70 against the current market price of Rs 72. The Government is expected to get Rs 260 crore.

Hind Copper share sale fully subscribed

The GOI garnered Rs 260 crore from stake sale in Hindustan Copper which got subscribed 1.14 times of the shares on offer

The issue attracted bids for over 4.23 crore shares, or 1.08 times, against 3.71 crore shares on offer much before the close of market hours

Axis Capital, ICICI Securities, Kotak Securities, SBICAP Securities and UBS Securities India are acting as brokers for the share sale

 

Note

• The GOI had in November last year sold 5.58 per cent stake in Hindustan Copper through OFS route at an average price of Rs 156.56 apiece.The stake sale fetched Rs 808 crore to the exchequer

• Hindustan Copper is the second PSU to hit the market in the current fiscal. Last month, the government had raised Rs 568 crore through divesting 9.33 per cent stake in MMTC.

• The GOI plans to raise Rs 40,000 crore through disinvestment in 2013—14