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:   
|
|

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.

Quick Links

 

Market News

Today's picks- 27 November 2014

Nifty, Bank Nifty, BHEL, HCL Technologies & Hindustan Unilever

Akash Prakash: Debunking two worries

Are India stocks over-owned? And are they too expensive?

Street seeks clarity on coal block auctions

Analysts believe total cost of production at Rs 1,000/tonne reasonable for power firms

Oil falls $3 to 4-yr low as OPEC leaves output unchanged

Oil prices have fallen by more than a third since June as increasing production in North America from shale oil has overwhelmed demand

India's groundnut oil output may drop by 41 per cent

Poor crop output results in oil production dip

Back to Top