Home >Companies >News >Govt to sell up to 10% stake in Hindustan Copper via OFS
Listen to this article

The Ministry of Mines on Wednesday announced that it will sell up to 10% stake in Hindustan Copper via offer for sale (OFS), floor price at 116. 

The Offer shall take place on September 16 and 17 in a separate window of stock exchanges, government said.

The OFS includes 5% Green-shoe option. The offer opens tomorrow for Non-Retail investors, retail investors can bid on Friday.

The government is selling 48,331,201 equity hares representing 5% of the total paid up share capital of the company. 

Further, the offer entails an option to additionally sell 48,351,201 equity shares, collectively representing 10% of the total issued and paid up equity shares capital of the company.

Hindustan Copper shares today closed 1.2% lower at 124.50. The news of government divestment came in after market closing.

Hindustan Copper had reported a 53.6 per cent rise in consolidated net profit at 45.63 crore for the quarter ended June 30, 2021.

The company had a consolidated net profit after tax and share of profit of JV/Associates of 29.69 crore in the year-ago period, Hindustan Copper said in a filing to the BSE.

However, consolidated income of the company during April-June dropped to 278.73 crore, over 441.38 crore in the year-ago period, the filing said.

Hindustan Copper is a public sector undertaking under the administrative control of the Ministry of Mines.

It is a vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout