Shares of state-owned Hindustan Copper fell 2.5 percent in morning trade Wednesday as the offer for sale (OFS) opens for subscription today. The floor price for the issue is fixed at Rs 70 apiece that is a discount of 3.6 percent to Tuesday's closing price.
The government holds 94.01 percent stake in Hind Copper (HCL).
The stale sale would make the company complaint to the minimum 10 percent public holding norm of market regulator Sebi. The sale of 4.01 percent stake or over 3.48 crore shares through offer for sale (OFS) route could fetch around Rs 240-250 crore to the exchequer, CNBC-TV18 sources said.
Earlier in November 2012, the government had sold 5.58 percent stake in Hind Copper through OFS route at an average price of Rs. 156.56 apiece.
The stake sale fetched Rs 808 crore to the exchequer.HCL is the second PSU to hit the market in the current fiscal. Earlier this month, the government had raised Rs 568 crore through divesting 9.33 percent stake in MMTC . The government plans to raise Rs 40,000 crore through disinvestment in 2013-14.
At 09:45 hours IST, the stock was quoting at Rs 70.85, down 2.48 percent on the BSE.
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