Government To Sell Up To 10% Stake In Hindustan Copper Via OFS

India plans to sell up to 10% of its stake in state-run Hindustan Copper Ltd. through an offer for sale.

The sale will be open to non-retail and retail investors on Sept. 16 and Sept. 17, respectively, the Ministry of Mines said in a statement. The OFS will be conducted at a floor price of Rs 116 per share—a 6.8% discount to its closing price of Rs 124.5 on Sept. 15, 2021.

The initial sale will be for 5% stake, or 4.83 crore equity shares, while the government will retain a greenshoe option of selling another 5% stake, the ministry said, adding both the sales will be conducted through a designated window on the exchanges in accordance with OFS guidelines.

The government, through the President of India, owns 72.7% in Hindustan Copper, with the rest being held by the public, according to the shareholding pattern as on June.