Rs 4,000-cr Hindustan Copper FPO on Dec 6

Taking forward the government’s disinvestment drive, the Rs 4,000-crore follow-on public offer (FPO) of state-run Hindustan Copper Ltd is likely to hit the market on December 6.

Taking forward the government’s disinvestment drive, the Rs 4,000-crore follow-on public offer (FPO) of state-run Hindustan Copper Ltd is likely to hit the market on December 6.

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The offering will close for bidding on December 9, sources told PTI. Hindustan Copper Ltd filed draft prospectus with the Securities and Exchange Board of India in September for its proposed 20% share sale programme. In the 20% share sale, the government is selling 10% of its stake, while the company would issue fresh equity in the same proportion.

Hindustan Copper’s 0.41% stake is already with the public. The proposed FPO will see the government holding coming down to 81.45% from 99.59% at present. Shares of the company were trading at R441 on the Bombay Stock Exchange.