Can you tell me about the OFS of Hindustan Copper planned by the government?
Answer
Answer
The government plans to sell 10% stake in Hindustan Copper via OFS route for Rs.1,170 crore. The base OFS will be for 5% stake sale of 4.83 crore shares in the company at a price of Rs.116 per share. This is approximately 7% lower than the CMP. However, the government has a Greenshoe option to retain an additional 5%, if demand is robust. The 10% stake sale will reduce the government stake in Hindustan Copper to 62.76%.