Hindustan Copper OFS sees tepid demand from non-retail investors

Offer received bids for 61.5 mn shares worth Rs 713 cr, most coming at an indicative price of Rs 116.12. A total of 96.7 million (10% stake) shares worth Rs 1,122 cr have been put on the block

The share sale launched by the government in Hindustan Copper saw tepid demand from investors. The offer for sale (OFS) received bids for 61.5 million shares worth Rs 713 crore from non-retail investors. Most bids came at an indicative price of Rs 116.12, showed data provided by stock exchanges.

A total of 96.7 million (10 per cent stake) shares worth Rs 1,122 crore have been put on the block. About 9.67 million shares reserved for retail investors will be auctioned on Friday.

The floor price for the OFS has been set at Rs 116 per share. Shares of Hindustan Copper fell 6 per cent to end at Rs 117 on the BSE. At the end of June 2021 quarter, the government holding in the company stood at 72.76 per cent.