Business Standard

Hindustan Copper extends fall as OFS begins

The government has fixed a floor at Rs 70 per share for its 4.01% stake sale via offer-for-sale (OFS) today.

Related News

has opened lower by 2.3% at Rs 71, extending its previous day’s nearly 7% fall on BSE, after the government has fixed floor price at Rs 70 per share for its 4.01% stake sale via (OFS) today. The floor price is 3.65% discount to Tuesday’s closing price of Rs 72.65 on BSE.

The stock hit a high of Rs 71.70 and low of Rs 70.70 on BSE. A combined around 60,000 shares have changed hands on the counter in opening deals on BSE and NSE.

"The floor price for the stake sale in terms of the OFS guidelines shall be Rs 70 per share of Hindustan Copper," the company said in a filing to BSE.

The sale of 4.01% stake or 37.12 million shares through at Rs 70 per share will fetch around Rs 260 crore to the exchequer.

The government holds 94.01% stake in Hindustan Copper. The stale sale would make the company compliant to the minimum 10% public holding norm of market regulator Sebi.

Read more on:   
|
|

Hindustan Copper extends fall as OFS begins

The government has fixed a floor at Rs 70 per share for its 4.01% stake sale via offer-for-sale (OFS) today.

The government has fixed a floor at Rs 70 per share for its 4.01% stake sale via offer-for-sale (OFS) today.
has opened lower by 2.3% at Rs 71, extending its previous day’s nearly 7% fall on BSE, after the government has fixed floor price at Rs 70 per share for its 4.01% stake sale via (OFS) today. The floor price is 3.65% discount to Tuesday’s closing price of Rs 72.65 on BSE.

The stock hit a high of Rs 71.70 and low of Rs 70.70 on BSE. A combined around 60,000 shares have changed hands on the counter in opening deals on BSE and NSE.

"The floor price for the stake sale in terms of the OFS guidelines shall be Rs 70 per share of Hindustan Copper," the company said in a filing to BSE.

The sale of 4.01% stake or 37.12 million shares through at Rs 70 per share will fetch around Rs 260 crore to the exchequer.

The government holds 94.01% stake in Hindustan Copper. The stale sale would make the company compliant to the minimum 10% public holding norm of market regulator Sebi.
image

Read More

Gillette India surges on talk of SAT rejecting plea to ease shareholding

The Securities Appellate Tribunal (SAT) rejects the company's bid to ease shareholding rules for the company.

Recommended for you

Quick Links

Market News

Nickel rises by 0.1% on Asian cues

Traders strengthened positions amid a firming Asian cues

Oil prices rise further in Asia

Expectations of a decline in US crude inventories and robust economic data from the eurozone helped prices

Markets remain rangebound; HUL up over 2%, Hindalco dips 1%

Investors are optimistic about a possible solution between Greece and its international creditors to avert a debt crisis

Pharma shares in focus; Aurobindo Pharma hits new high

JB Chemicals, Alembic Pharma, Aurobindo Pharma, Ipca Laboratories and Dishman Pharma were up 3%-11% each.

Infinite Computer gains on board approval for share buyback proposal

The stock spurted 5% at Rs 171 after the board approved the buyback of shares at a maximum price of Rs 220 per share from the open market ...

 

Back to Top