Govt raises Rs 327 cr from Hindustan Copper share sale

Shares of Hindustan Copper fell 4% to close at Rs 62.45

The government has raised Rs 327 crore by divesting 5.5 per cent stake in Hindustan Copper (HCL) through the offer for sale (OFS) route. The centre was looking to sell up to eight per cent in HCL, however, the OFS failed to garner full subscript HCl due to lukewarm response from institutional investors. 

Shares of HCL on Thursday fell four per cent to close at Rs 62.45. The centre had set a floor price of Rs 64.75 for the share sale. Retail investors were offered five per cent additional discount. The retail portion of the OFS was oversubscribed on Thursday.