Hindustan Copper to sell off 4.01 percent stake

State-run Hindustan Copper Ltd. (HCL) will hit the markets Wednesday with offers to sell off 4.01 percent stake of the company.

"The promoter (government) proposed to sell 37,119,152 equity shares of the face value of Rs.5 each aggregating approximately 4.01 percent of the paid-up equity shares capital of the company (HCL)," according to a filing to the Bombay Stock Exchange (BSE) Tuesday.

The government holds 94.01 percent stake in the Kolkata-headquartered firm. The stake sale would make the firm compliant to the minimum 10 percent public holding norm of the capital market regulator SEBI.

"The sale shall take place on the separate window of the stock exchanges and shall commence July 3 at 9.15 a.m. and shall close on the same day at 3.30 p.m.," the notice said.

HCL will be the second public sector company to hit the markets in the current financial year. The central government has a plan to raise about Rs.40,000 crore through disinvestment this fiscal.

The government divested 5.58 percent stake in the copper miner in the first tranche in November 2012.