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Hindustan Copper’s FPO unlikely in FY11

Hindustan Copper’s FPO unlikely in FY11
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First Published: Fri, Feb 04 2011. 07 20 PM IST
Updated: Fri, Feb 04 2011. 07 20 PM IST
Mumbai: State-run Hindustan Copper’s follow-on public offer (FPO) is unlikely to hit the market in the current fiscal year-ending March, its chairman and managing director Shakeel Ahmed told Reuters on Friday.
“There is no clarity on the date. That is finanlised by the department of disinvestment but it will not come in the current fiscal year,” he said.
The long-delayed issue had been expected to hit the market in the March quarter.
Hindustan Copper’s follow-on public offer would consist of 10% fresh equity and 10% divested by the government.
Ahmed, who had earlier told Reuters the share sale would raise up to $1 billion, declined to comment on the likely valuation. Recent media reports have said the offer may be priced at a steep discount to current market price.
On Friday, shares of the company, which the market values at $5.4 bn, ended down 0.15% at Rs263.4 on the BSE. The stock has lost about a fifth of its value since the start of this year.
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First Published: Fri, Feb 04 2011. 07 20 PM IST