Government raises $43 mln from Hindustan Copper share sale

MUMBAI (Reuters) - Government raised 2.6 billion rupees by selling shares in Hindustan Copper on Wednesday, as part of its plans to raise 400 billion rupees through asset sales in this fiscal year.

The government was selling about 37 million shares, or 4 percent stake, in the company through an auction at a floor price of 70 rupees a share. The offering was subscribed about 1.2 times, according to the stock exchange data.

Shares in Hindustan Copper ended 2.8 percent lower at 70.30 rupees on Wednesday.

The government plans to sell stakes in other state companies such as Coal India, Indian Oil Corp and Bharat Heavy Electricals to cut its fiscal deficit, a top priority for Finance Minister P. Chidambaram.

 

(Reporting by Sumeet Chatterjee)