The offer for sale (OFS) for Hindustan Copper Ltd closed successfully with an enthusiastic response from retail investors, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on X.
“The issue was oversubscribed on both days, and the Government decided to exercise its entire greenshoe option. We thank all investors for their participation and reposing their faith in us,” he said.
The OFS comprised of 5.8 crore shares with base offer size 29,01,073 shares and oversubscription option of 29,01,073 shares.
Against 5,802,146 shares for sale, 41,566,840 crore (provisional) bids came at the end of last day of the OFS, as per data available on the exchanges.
The government proposed to sell a little over 5.8 crore shares, or up to 6 per cent (including 3 per cent greenshoe option) stake in Hindustan Copper, through a two-day OFS at a floor price of Rs 514 apiece.
The floor price was set at a 10.38 per cent discount over Monday’s closing share price.Shares of Hindustan Copper on Tuesday closed at Rs 556.55, up 4.38 per cent a piece on the BSE.
The government currently has a 66.14 per cent equity holding in Hindustan Copper.
So far in the current fiscal year, the government has mopped up Rs 52,716 crore via PSU disinvestment through OFS in eight PSUs and remittances from SUUTI.
With the realisation of Hindustan Copper Ltd, the collection under the disinvestment head would rise to about Rs 55,700 crore with minority stake sale in nine PSUs.
For the full FY27 financial year, the Budget has set a target of Rs 80,000 crore to be raised from disinvestment and asset monetisation.