Govt to divest 7% in Hindustan Copper today

The government will sell seven per cent stake in Hindustan Copper as a part of this year’s disinvestment programme.

The share sale will be done through an offer for sale (OFS) on Thursday at a base price of ~62 per share, which is a five per cent discount to current market rate. Shares of Hindustan Copper on Wednesday closed at ~65.35 on the BSE.

A total of 64.76 million shares have been put on the block, a fifth of which will be reserved for retail investors. Retail bidding will take place on Friday and those applying in the retail segment (up to ~200,000) will be offered a five per cent discount on the allotment price. The Centre currently holds 89.95 per cent stake in NHPC, which had a market capitalisation of ~6,046 crore on Wednesday. The government has in this financial year raised ~2,716 crore by divesting 11 per cent stake in NHPC in April.