New Delhi: The government has raised close to Rs 3,000 crore from the sale of a 6 per cent stake in public sector major Hindustan Copper, with the offer closing on Wednesday.
The Offer for Sale (OFS) of Hindustan Copper Ltd closed successfully on Wednesday, with the issue receiving a strong response from retail investors, the Secretary, Department of Investment and Public Asset Management (DIPAM), Arunish Chawla said in a post on X.
“The issue was oversubscribed on both days, and the Government decided to exercise its entire greenshoe option. We thank all investors for their participation and reposing their faith in us,” he said.
The retail portion of the OFS opened for bidding on Wednesday, a day after the non-retail portion received a strong response. The government exercised the entire greenshoe option after the non-retail portion was subscribed more than three times.
As much as 10 per cent of the Hindustan Copper shares offered for sale are reserved for retail investors, while an additional 25,000 shares are reserved for eligible employees.
The government proposed to sell a little over 5.8 crore shares, or up to 6 per cent — including a 3 per cent greenshoe option — stake in Hindustan Copper, through a two-day OFS at a floor price of Rs 514 per share.
The floor price represents a 10 per cent discount to Hindustan Copper’s closing price of Rs 574 on the NSE on Monday.
The OFS comprised 5.8 crore shares with a base offer size of 29,01,073 shares and an oversubscription option of 29,01,073 shares.
Against 5,802,146 shares for sale, 41,566,840 crore (provisional) bids came at the end of the last day of the OFS, according to figures compiled by the stock exchanges.
Hindustan Copper reported robust financial results for financial year 2025–26, with revenue from operations surging 48.6 per cent year-on-year to Rs 3,077.92 crore and net profit jumping 97.5 per cent to Rs 918.54 crore. For the subsequent first quarter (April-June) of financial year 2026–27, the company posted a net profit of Rs 353 crore and revenue of Rs 936.5 crore.
(IANS)
