Indian government launches 6% Hindustan Copper OFS at ₹514
The Indian government is putting up 6% of its shares in Hindustan Copper for sale through an Offer-for-Sale (OFS) starting today.
Shares are at a floor price of ₹514/share, a 10.38% discount to yesterday's closing price, which could make things interesting for investors.
Over 5.8 crore shares are on offer, with a little extra set aside if demand is high.
Government expects ₹3,000 cr proceeds
Big investors get first dibs today, while retail investors can join in from Wednesday.
If all shares get picked up, the government expects to raise around ₹3,000 crore, part of its ongoing push to sell stakes in public companies (it's already raised over ₹52,716 crore this year).
After this sale, the government's holding in Hindustan Copper will drop from 66.14%.
The stock did take a hit after the news, slipping 6.37% on Tuesday at ₹537.