Home›Global Markets›Asia›Hindustan Copper shares plunge 7% on government OFS

Hindustan Copper shares plunge 7% on government OFS

The offer for sale starts at a ₹514 floor price, a 10.5% discount versus the prior close, valuing the proposed 6% stake at about ₹3,000 crore.

Reported · Written up by our desk · Asia

Hindustan Copper shares fell more than 7% in intraday trading on Tuesday, extending losses as the government’s offer for sale to divest a stake in the PSU got underway, according to LiveMint Markets.

The stock opened at ₹540 versus a previous close of ₹573.55 and later slid 7.2% to an intraday low of ₹532.40.

The government plans to sell up to a 6% stake through the OFS at a floor price of ₹514 per share, which is 10.45% below Hindustan Copper’s closing price of ₹574 on the NSE on Monday.

Based on the floor price, the proposed 6% stake sale is valued at around ₹3,000 crore, with up to 2,90,10,721 shares set for sale to non-retail investors on 25 August and retail investors on 26 August, and an option to sell an additional 2,90,10,721 shares through a separate window on the BSE and NSE.

Latest closeCopper $6.606 ▲0.2%

More like this

Sources