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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.

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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.

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