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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.

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