Hindustan Copper shares drop 7.2% as government announces 3% OFS
Business
Hindustan Copper's stock dropped 7.2% on Tuesday after the government said it is selling a 3% stake through an offer for sale (OFS).
The share price opened lower at ₹540 and dipped as far as ₹532.40, compared with Monday's close of ₹573.55.
OFS floor ₹514 seeks ₹3,000 cr
The OFS is set at a floor price of ₹514 per share, about a 10.45% discount from the previous day's closing price.
The government could sell up to 6% in total, aiming to raise around ₹3,000 crore.
As of June, it held a 66.14% stake in Hindustan Copper, while retail investors and mutual funds owned about 23.1% and 1%, respectively.