Institutional Buyers Ensure Hindustan Copper OFS Will Sail Through

Institutional Buyers Ensure Hindustan Copper OFS Will Sail Through

The government’s four per cent disinvestment in Hindustan Copper is guaranteed to sail through on the back of huge demand from institutional investors.

On Wednesday, the company’s offer for sale (OFS) got bids for a total of 50.5 million shares from institutional investors. The government has put on block 29.6 million shares for the offering.

The retail portion will be auctioned on Thursday. The base price of the OFS is set at Rs 64.75. The shares of Hindustan Copper closed at Rs 65.05 apiece on Wednesday, down nearly eight per cent.

The stake sale is expected to fetch Rs 240 crore for the government. Post the offering, the stake of the government in RCF will come down from 82.88 per cent to 78.88 per cent. So far this financial year, the government has garnered Rs 8,248 crore through divestment in five companies. It has budgeted to raise Rs72,500 crore through stake sale in PSUs.

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