The government has disinvested 6.83% stake in Hindustan Copper (HCL), which would fetch the exchequer around Rs 400 crore. Through the two-day Offer for Sale (OFS) which ended on August 3, 2017, it had planned to sell 4% stake in the company, with an option to retain an over subscription of up to 4%.
Institutional investors bid for 5.05 crore shares, which is 1.71 times the 2.96 crore shares on offer for them. The retail portion also got good response from the retail investors and the revised offer size of 1.26 crore shares also got fully subscribed.
Hindustan Copper's principal activities include mining of copper ore, concentration of copper ore into copper concentrate through a beneficiation process and also smelting, refining and extruding of the copper concentrate into refined copper in downstream saleable products.