 "Hindustan Copper OFS opens; stock falls 4%")
Hindustan Copper has dipped 4% to Rs 63 on the National Stock Exchange (NSE), after the government's stake sale in state-run miner opened for bidding today.
The government has set a floor price of Rs 62 per share, a 5.12% discount to Wednesday’s closing share price of Rs 65.35 on the BSE.
“The government will sell a 7% stake in the company through a two-day offer for sale (OFS) beginning Thursday,” Hindustan Copper said in a statement.
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 Rs 2,00,000) will be offered a 5% discount on the allotment price, it added.
The stock has hit a high of Rs 63.40 and a low of Rs 62.10 on the NSE so far. A combined 704,617 shares changed hands on the NSE and BSE till 10:28 am.
The government has set a floor price of Rs 62 per share, a 5.12% discount to Wednesday’s closing share price of Rs 65.35 on the BSE.
“The government will sell a 7% stake in the company through a two-day offer for sale (OFS) beginning Thursday,” Hindustan Copper said in a statement.
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 Rs 2,00,000) will be offered a 5% discount on the allotment price, it added.
The stock has hit a high of Rs 63.40 and a low of Rs 62.10 on the NSE so far. A combined 704,617 shares changed hands on the NSE and BSE till 10:28 am.