 "Institutional buyers ensure Hindustan Copper OFS will sail through")
The government's four per cent disinvestment in Hindustan Copper is guaranteed to sail through on the back of huge demand from institutional investors.
On Wednesday, the company's offer for sale (OFS) got bids for a total of 50.5 million shares from institutional investors. The government has put on block 29.6 million shares for the offering.
The retail portion will be auctioned on Thursday. The base price of the OFS is set at Rs 64.75. The shares of Hindustan Copper closed at Rs 65.05 apiece on Wednesday, down nearly eight per cent.
The stake sale is expected to fetch Rs 240 crore for the government. Post the offering, the stake of the government in RCF will come down from 82.88 per cent to 78.88 per cent. So far this financial year, the government has garnered Rs 8,248 crore through divestment in five companies. It has budgeted to raise Rs72,500 crore through stake sale in PSUs.
On Wednesday, the company's offer for sale (OFS) got bids for a total of 50.5 million shares from institutional investors. The government has put on block 29.6 million shares for the offering.
The retail portion will be auctioned on Thursday. The base price of the OFS is set at Rs 64.75. The shares of Hindustan Copper closed at Rs 65.05 apiece on Wednesday, down nearly eight per cent.
The stake sale is expected to fetch Rs 240 crore for the government. Post the offering, the stake of the government in RCF will come down from 82.88 per cent to 78.88 per cent. So far this financial year, the government has garnered Rs 8,248 crore through divestment in five companies. It has budgeted to raise Rs72,500 crore through stake sale in PSUs.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%