Government to sell 5% stake in Hindustan Copper via OFS

The government will sell 5 per cent of its stake in state-owned Hindustan Copper through an offer for sale (OFS) this week, according to a regulatory filing.

The OFS will take place on Thursday and Friday through a separate, designated window of the BSE Ltd and NSE, Hindustan Copper said in a filing to BSE.

"The President of India, acting through and represented by the Ministry of Mines, Government of India, is the promoter of Hindustan Copper Ltd," the filing said. The government will sell 48,351,201 equity shares representing 5 per cent of the total issued and paid-up equity share capital of the company.

"The Promoter...proposes to sell up to 48,351,201 equity shares of the company (representing 5 per cent of the total issued and paid-up equity share capital of the company...on September 16, 2021 (for non-retail investors only) and on September 17, 2021 (for retail investors and non-retail investors who choose to carry forward their un-allotted bids) with an option of additionally sell 48,351,201 equity shares...through a separate, designated window of the BSE Ltd and the National Stock Exchange of India Ltd (NSE)," Hindustan Copper said in a filing to BSE.

The floor price for the offer will be Rs 116 per equity share, the filing said. Hindustan Copper Ltd, a public sector undertaking under the administrative control of the Ministry of Mines, was incorporated in November 1967. It has the distinction of being the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

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