LIC offloads 2.09% stake in Hindustan Copper for Rs 447 cr via open market

Life Insurance Corporation of India (LIC) on Monday said it has sold a 2.09 per cent stake in state-owned Hindustan Copper for Rs 447 crore through an open market transaction.

The insurance behemoth has sold a total of 2,01,62,682 shares, or 2.085 per cent stake, in Hindustan Copper, according to a regulatory filing.

The shares of Hindustan Copper were sold at an average cost of Rs 221.64 apiece, taking the transaction value to Rs 446.8 crore.

With this, LIC's stake in the state-owned company has reduced to 6.09 per cent from 8.17 per cent.

"Holding decreased from 8.171 per cent to 6.086 per cent, a decrease of 2.085 per cent during the period from September 27, 2023, to August 16, 2024, at an average cost of Rs 221.64," the filing said.

Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines. It is the only company in the country engaged in mining of copper ore and owns all the operating mining lease of Copper ore and also the only integrated producer of refined copper (vertically integrated company).