Mumbai: The base price for sale of the government’s 4% stake in state-run Hindustan Copper Ltd has been fixed at Rs.155 a share, two people with direct knowledge of the matter said on Thursday.
The share sale, to be launched on Friday, will raise Rs.574 crore at the floor price. Shares in Hindustan Copper ended 11.33% higher on Thursday at Rs.266.30 on BSE, while the benchmark index closed 0.31% up at 18,517.34 points.
The government, which owns 99.6% of Hindustan Copper, said on Wednesday it would sell a 4% stake in the company through auction of shares.
The government aims to raise Rs.30,000 crore through share sales in state-run companies in the current fiscal year that ends in March, but has thus far drawn a blank as weak market conditions have deterred public issues or auctions.