Institutional buyers oversubscribe Hindustan Copper OFS with ₹4,600 cr bids
Institutional investors on Tuesday oversubscribed Hindustan Copper share sale by putting in bids worth over Rs 4,600 crore.
As against the 2.61 crore shares reserved for them, institutional investors put in bids for over 8.91 crore shares, oversubscribing the issue 3.41 times.
At an indicative price of Rs 520.35 per share, the bids are valued at over Rs 4,600 crore.
The government is selling over 5.80 crore shares or up to 6 per cent (including 3 per cent green shoe option) stake in Hindustan Copper through a two-day Offer-for-Sale (OFS) at a floor price of Rs 514 apiece.
The OFS willl open for retail buyers on Wednesday.
The floor price was set at a 10.38 per cent discount over Monday's closing share price.
"The government has decided to exercise the entire green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on X.
On Tuesday, Hindustan Copper shares fell 7.04 per cent to Rs 533.20 apiece on BSE.
The government currently
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