New Delhi: The government will sell a 4% stake in state-run Hindustan Copper Ltd through an auction of shares on Friday, the official in charge of the government’s divestment programme said on Wednesday.
The 4% stake is valued at nearly Rs.900 crore at current market price, but the government is expected to offer shares at a discount to the market price to lure investors.
The cabinet approved the sale of 9.5% in Hindustan Copper in September. Mohammad Haleem Khan, secretary at the department of divestment, said the stake sale on Friday would be the first step.
The government owns 99.59% of Hindustan Copper.
It also plans to sell stakes in miner NMDC Ltd and explorer Oil India Ltd before 20 December, Khan told reporters.
The government aims to raise Rs.30,000 crore through share sales in state-run companies in the current fiscal year that ends next March, but has thus far drawn a blank as weak market conditions have deterred public issues or auctions. Reuters