Hind Copper OFS fully subscribed, govt gets Rs 260 cr

Government today raised Rs 260 crore from sale of its 4.01 per cent stake in Hindustan Copper with the issue being over-subscribed well before closure of markets.
     
The issue attracted bids for over 4.38 crore shares as against a total number of over 3.71 crore shares on offer, at a base price of Rs 70 apiece.  "The issue was subscribed 1.18 times. The approximate gross receipts on allotment would be Rs 260 crore," an official statement said.
    
Hindustan Copper is the second successful disinvestment in the current fiscal. Last month the government had sold 9.33 per cent stake in MMTC to rake in Rs 568 crore.