Explorer

Government likely to raise Rs 400cr by disinvesting in Hindustan Copper Ltd

New Delhi [India], August 3 (ANI): The Government of India disinvested 6.83 percent of paid up equity in Hindustan Copper Limited through Offer for Sale (OFS) and is likely to get approximately Rs 400 crore from this disinvestment.

The initial offer was for disinvestment of 4 percent paid-up capital, with an option to retain over-subscription up-to 4 percent.

The trading for non-retail portion opened on August 2, 2017. Against an offer size of 2.96 crore shares for the non-retail category, bids were received for 5.05 crore shares, resulting in over subscription by 1.71 times. As a result, the government revised the total offer size to 6.83 percent of the paid-up capital.

The trading took place on August 2 and August 3, 2017. The floor price was fixed at Rs 64.75 per share and retail investors were offered discount of 5 percent on the cut off price for the non-retail category.

Overall, HCL OFS got good response from the investors. The retail portion also got good response from retail investors and the revised offer size of 1.26 crore shares got fully subscribed.

This is the fourth CPSE OFS in the current financial year 2017-18. The government's shareholding in HCL after this OFS will come down to 76.05 percent. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

'Motion' To Remove Jagdeep Dhankhar As Rajya Sabha Chairman Dismissed On Technicality. Here's What Happened
'Motion' To Remove Dhankhar As RS Chairman Dismissed On Technicality
Rahul Gandhi Sports Blue T-Shirt To Protest Ambedkar's 'Insult'. Know Why Blue Is Linked With Dalit Resistance
RaGa Sports Blue T-Shirt To Protest Ambedkar's 'Insult'. Know Why Blue Is Linked With Dalit Resistance
Bihar MLA Ritlal's Brother Accused Of Shooting At AIIMS Security Officer Surrenders To Police
Bihar MLA Ritlal's Brother Accused Of Shooting At AIIMS Security Officer Surrenders To Police
After 'Zero' Electricity Bill For 6 Months, Sambhal MP Zia ur Rahman Booked For Power Theft
After 'Zero' Electricity Bill For 6 Months, Sambhal MP Zia ur Rahman Booked For Power Theft
Advertisement
ABP Premium

Videos

Rahul Gandhi Linked to Incident That Led to BJP MP Mukesh Rajput’s HospitalizationBJP MP Mukesh Rajput Hospitalized in ICU After Alleged Push by Rahul GandhiHeated Exchange in Parliament as Opposition Targets Amit Shah Over Ambedkar RemarksLucknow Protest Turns Tragic: Congress Worker Dies, Police Investigation Underway

Photo Gallery

Embed widget