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Hindustan Copper share sale fully subscribed,govt gets Rs 260 crore

The government on Wednesday 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

Written by Press Trust Of India | Mumbai |
July 4, 2013 1:11:35 am

The government on Wednesday 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.

However,shares of the company took a beating on the bourses and fell 3.10 per cent to close at Rs 70.40 on the BSE. On the National Stock Exchange,Hindustan Copper (HCL) closed at Rs 70.20,down 2.97 per cent.

Over 15 lakh shares changed hands on both the bourses. The government holding in HCL has come down to 90 per cent post disinvestment. The stake sale made the firm compliant with the minimum 10 per cent public holding norm of Sebi. The sale of over 3.71 crore share,was undertaken through offer for sale (OFS) route. The base price of Rs 70 was fixed at a discount of 3.65 per cent over yesterday’s closing.

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