New Delhi : The government has disinvested 6.83 per cent stake in Hindustan Copper Ltd (HCL), which would fetch around Rs 400 crore to the exchequer. Through the two-day Offer for Sale (OFS) which ended Thursday, it had planned to sell 4 per cent in HCL, with an option to retain an over subscription of up to 4 per cent. “The Government of India has disinvested 6.83 per cent of paid up equity in Hindustan Copper Limited through Offer for Sale (OFS). The Government is likely to get approximately Rs 400 crore from this disinvestment,” a finance ministry statement said.
The floor price for the share sale was fixed at Rs 64.75 per share and retail investors were offered discount of 5 per cent on the cut off price for the non-retail Category. Institutional investors bid for 5.05 crore shares, which is 1.71 times the 2.96 crore shares on offer for them. “As a result, the Government revised the total offer size to 6.83 per cent of the paid-up capital,” the statement said. The retail portion of HCL OFS also got good response from the retail investors and the revised offer size of 1.26 crore shares also got fully subscribed. “Overall, HCL OFS got good response from the investors,” the ministry added.