Institutional investors bid Rs 4,600 cr for Hindustan Copper OFS

New Delhi: 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 has a 66.14 per cent equity holding in Hindustan Copper. So far in the current fiscal, the government has mopped up Rs 52,716 crore disinvestment through OFS in eight PSUs and remittances from SUUTI. For the full FY27 financial year, the budget has set a target of Rs 80,000 crore to be raised from disinvestment and asset monetisation.